On August 21, Bitcoin closed at 8 p.m. There was absolutely no sign of a bottoming out. Not even on the hourly timeframe did it show any reversal—it's been moving steadily upward along the EMA7. We reminded everyone last night that if 72,450 couldn't be held down, it might move higher. Today it seems it couldn't hold it and only pulled back slightly. If it moves higher again, then the two key levels at 75,000 and 76,600 come into play. If it can get through those, then 80,000 is next.
This move is being attributed to the rise in U.S. Treasury yields. The Ministry of Finance’s share buyback has doubled as well—what we discussed yesterday about that guidance. Now it looks like ETF inflows over the past couple of days have been very large. So has Bitcoin in this phase been suppressed for long enough to continue its sustained rally?
Take a look at the funding rate. The sentiment among traders currently chasing longs is still quite strong. In this kind of situation, the big players don’t even need to push the market aggressively themselves. They only need to hold it back slightly at key levels, and then it can continue higher—for example, 72,450 from last night.
Also, students who are trapped in positions should pay attention: don’t randomly average down at the wrong times. For those who haven’t opened a trade yet, don’t go opening shorts out of nowhere unless you reach the key level!
This move is being attributed to the rise in U.S. Treasury yields. The Ministry of Finance’s share buyback has doubled as well—what we discussed yesterday about that guidance. Now it looks like ETF inflows over the past couple of days have been very large. So has Bitcoin in this phase been suppressed for long enough to continue its sustained rally?
Take a look at the funding rate. The sentiment among traders currently chasing longs is still quite strong. In this kind of situation, the big players don’t even need to push the market aggressively themselves. They only need to hold it back slightly at key levels, and then it can continue higher—for example, 72,450 from last night.
Also, students who are trapped in positions should pay attention: don’t randomly average down at the wrong times. For those who haven’t opened a trade yet, don’t go opening shorts out of nowhere unless you reach the key level!
