Why am I seeing it bounce back to 76000?
At the moment, what I care about most isn’t how much the short-term dip has dropped, but the very strong resistance around $82,700.
In the previous uptrend leg, BTC surged quickly and tested the area around $82,700, but even after multiple attempts, it still failed to form a valid breakout.
This indicates one thing:
Price is already in a key resistance zone, but the sustained buy-side support from the bulls isn’t as strong as people might think.
And when you combine this with the earlier price action, it’s clear this rally itself already has a noticeable short-squeeze component.
A large number of shorts get liquidated, pushing BTC higher quickly; but once shorts are gradually squeezed out, if the market wants to keep rising, it needs fresh capital to continuously step in.
If the handoff isn’t enough, profit-taking from the highs tends to kick in, and the price is more likely to shift from a rising move into a pullback.#BTC
At the moment, what I care about most isn’t how much the short-term dip has dropped, but the very strong resistance around $82,700.
In the previous uptrend leg, BTC surged quickly and tested the area around $82,700, but even after multiple attempts, it still failed to form a valid breakout.
This indicates one thing:
Price is already in a key resistance zone, but the sustained buy-side support from the bulls isn’t as strong as people might think.
And when you combine this with the earlier price action, it’s clear this rally itself already has a noticeable short-squeeze component.
A large number of shorts get liquidated, pushing BTC higher quickly; but once shorts are gradually squeezed out, if the market wants to keep rising, it needs fresh capital to continuously step in.
If the handoff isn’t enough, profit-taking from the highs tends to kick in, and the price is more likely to shift from a rising move into a pullback.#BTC
