So many shorts got buried—I'm not bearish on this pullback.
$BTC today dropped from 80923 to 78952, a move of 2%. It looks scary, but the retracement is still fairly healthy. The key is that today’s low at 77851 hasn’t been broken yet. As long as this level holds, there’s no big problem. I’ve placed a few long orders above this level. My stop-loss is set at 77850; if it breaks below, I’ll accept the loss and run.
I also checked the funding rates—there are some interesting signs. For example, <$STORJ > shorts have a funding rate of -0.42%, and BMT is even more extreme at -0.39%. Both of these tokens’ shorts have been fully buried, which suggests the market may have a short-term need for a rebound. When small-cap shorts get buried, it often serves as a leading signal for a rebound in BTC.
BTC’s own funding rate is only 0.0051%, almost neutral. No side is going crazy. In this kind of environment, it’s actually safer—unlike before, when a small rise would just trigger a burst of longs.
My view: if 77851 holds, I’ll keep looking for longs. For short-term resistance, first watch 80923. If it breaks through, the next target would be 82500–83000. If tonight it falls below 77851, then be cautious—it could go down to 75500 to find support.
Today’s trading volume is 1.56B—not really a contraction. The battle between bulls and bears has been quite intense. The short side got played by BTC today; next we’ll see how the main players move.
#Write2Earn #Crypto
⚠️ Personal opinion only; not investment advice.
$BTC today dropped from 80923 to 78952, a move of 2%. It looks scary, but the retracement is still fairly healthy. The key is that today’s low at 77851 hasn’t been broken yet. As long as this level holds, there’s no big problem. I’ve placed a few long orders above this level. My stop-loss is set at 77850; if it breaks below, I’ll accept the loss and run.
I also checked the funding rates—there are some interesting signs. For example, <$STORJ > shorts have a funding rate of -0.42%, and BMT is even more extreme at -0.39%. Both of these tokens’ shorts have been fully buried, which suggests the market may have a short-term need for a rebound. When small-cap shorts get buried, it often serves as a leading signal for a rebound in BTC.
BTC’s own funding rate is only 0.0051%, almost neutral. No side is going crazy. In this kind of environment, it’s actually safer—unlike before, when a small rise would just trigger a burst of longs.
My view: if 77851 holds, I’ll keep looking for longs. For short-term resistance, first watch 80923. If it breaks through, the next target would be 82500–83000. If tonight it falls below 77851, then be cautious—it could go down to 75500 to find support.
Today’s trading volume is 1.56B—not really a contraction. The battle between bulls and bears has been quite intense. The short side got played by BTC today; next we’ll see how the main players move.
#Write2Earn #Crypto
⚠️ Personal opinion only; not investment advice.