Morning bearish, evening pullback! For Bitcoin next, I still remain bearish
In the morning analysis, the direction I gave was short-term downside. By evening, the price indeed moved in this direction.
As of 18:07 Beijing time on September 24, CoinGecko quotes $83,277, down $820 from the $84,097 this morning, a drop of about 0.98%. The direction is correct for now, but the 72 hours haven’t ended yet—no premature celebration.
**Next, I maintain my bearish bias and temporarily won’t turn bullish.** By 10:30:30 the morning of September 27, I still tend to think Bitcoin will be below the $84,097 baseline from this morning. There may be a rebound in between—this view is based on the price at expiration.
Why? The latest U.S. economic data is stronger, and corporate costs are also rising, which makes me worry that the pressure from high interest rates will continue. To push the coin price higher, the market needs to digest this layer of resistance first.
The bulls do have some good news: Farside has just completed the Sept. 23 data, showing that U.S. Bitcoin spot ETF net inflows are about $347 million. This indicates there is still capital willing to buy. This is also why I’m bearish, though with not that high conviction.
Next, I’ll first watch whether the price can reclaim $84,097. After reclaiming it, I’ll reassess strength and weakness. If it further breaks above $87,251, then according to the conditions set this morning, I will撤销 (remove) the bearish bias.
For now I’m still bearish, but if the price strengthens, I will adjust my view. #btc #ETH
In the morning analysis, the direction I gave was short-term downside. By evening, the price indeed moved in this direction.
As of 18:07 Beijing time on September 24, CoinGecko quotes $83,277, down $820 from the $84,097 this morning, a drop of about 0.98%. The direction is correct for now, but the 72 hours haven’t ended yet—no premature celebration.
**Next, I maintain my bearish bias and temporarily won’t turn bullish.** By 10:30:30 the morning of September 27, I still tend to think Bitcoin will be below the $84,097 baseline from this morning. There may be a rebound in between—this view is based on the price at expiration.
Why? The latest U.S. economic data is stronger, and corporate costs are also rising, which makes me worry that the pressure from high interest rates will continue. To push the coin price higher, the market needs to digest this layer of resistance first.
The bulls do have some good news: Farside has just completed the Sept. 23 data, showing that U.S. Bitcoin spot ETF net inflows are about $347 million. This indicates there is still capital willing to buy. This is also why I’m bearish, though with not that high conviction.
Next, I’ll first watch whether the price can reclaim $84,097. After reclaiming it, I’ll reassess strength and weakness. If it further breaks above $87,251, then according to the conditions set this morning, I will撤销 (remove) the bearish bias.
For now I’m still bearish, but if the price strengthens, I will adjust my view. #btc #ETH