Bitcoin has just stepped over the $86,000 milestone again.
BTC breaks above $86,000, setting a new high since February. The market will usually interpret this first as mildly bullish, boosting risk appetite for high-beta altcoins and crypto concept stocks. But the real test of a whole-number level is whether capital can keep the momentum going.
If spot trading and contract long positions both expand in volume, the price is more likely to probe higher resistance levels. However, near the new high, chasing buyers can quickly get crowded. In the short term, you should focus more on the strength of the follow-through after a pullback to $86,000, rather than just chasing because of the words “breakout.”
Source: BlockBeats
Would you rather see it continue ramping up with higher volume, or would you prefer a pullback and confirmation before moving on?
Caption 1: BTC breaks above $86,000 · Source page partial screenshot
Image source: https://www.theblockbeats.info/flash/368284
BTC breaks above $86,000, setting a new high since February. The market will usually interpret this first as mildly bullish, boosting risk appetite for high-beta altcoins and crypto concept stocks. But the real test of a whole-number level is whether capital can keep the momentum going.
If spot trading and contract long positions both expand in volume, the price is more likely to probe higher resistance levels. However, near the new high, chasing buyers can quickly get crowded. In the short term, you should focus more on the strength of the follow-through after a pullback to $86,000, rather than just chasing because of the words “breakout.”
Source: BlockBeats
Would you rather see it continue ramping up with higher volume, or would you prefer a pullback and confirmation before moving on?
Caption 1: BTC breaks above $86,000 · Source page partial screenshot
Image source: https://www.theblockbeats.info/flash/368284
