Explosive growth last night is not sudden positive momentum, but rather that the bears couldn’t hold out first.
Last night I suggested that if $BTC holds above $77,000, then it would move toward $80,000 and continue testing the $82,000–$83,000 range.
Now the high is already around $81,600; the overall direction was confirmed, but the speed turned out to be higher than I expected.
The reason is simple.
The rate hikes, the hawkish outlook, and issues with regulatory legislation have already been factored in, but BTC never fell below $75,000–$76,000; the negative news couldn’t break through, and the bears started to get nervous.
At the same time, the spot ETF shifted from outflows to net inflows of roughly $590 million over two days, and expectations around U.S. regulation are also improving.
Technically, BTC has already held above the 4-hour MA30, MA120, and MA200. The MACD continues to rise, and the bulls have taken the initiative again.
I believe the remaining time in September will be choppy but with a bullish bias; however, the real test is the level above $82,000. If the negative factors don’t drag the price down, it means positions are strengthening. With rising volume and a hold above $82,300, the trend genuinely changes. If it doesn’t hold, then it will just be a strong correction.
Last night I suggested that if $BTC holds above $77,000, then it would move toward $80,000 and continue testing the $82,000–$83,000 range.
Now the high is already around $81,600; the overall direction was confirmed, but the speed turned out to be higher than I expected.
The reason is simple.
The rate hikes, the hawkish outlook, and issues with regulatory legislation have already been factored in, but BTC never fell below $75,000–$76,000; the negative news couldn’t break through, and the bears started to get nervous.
At the same time, the spot ETF shifted from outflows to net inflows of roughly $590 million over two days, and expectations around U.S. regulation are also improving.
Technically, BTC has already held above the 4-hour MA30, MA120, and MA200. The MACD continues to rise, and the bulls have taken the initiative again.
I believe the remaining time in September will be choppy but with a bullish bias; however, the real test is the level above $82,000. If the negative factors don’t drag the price down, it means positions are strengthening. With rising volume and a hold above $82,300, the trend genuinely changes. If it doesn’t hold, then it will just be a strong correction.