Bitcoin touched 87,000 and then got pushed back down. This week, the real thing to watch is just one candlestick
Brothers, have you been watching the chart these past couple of days? $BTC surged all the way to around 87,000, hitting the highest level since January this year. Then it was slammed back to 84,500. In the comments, everyone started getting panicky again. Let me say something practical:
First, look at where the money came from. The engine driving this rally is spot ETF inflows. On Monday, net inflows were nearly $1 billion. Tuesday: $710 million. Wednesday: $350 million. By Thursday, it was down to just $28 million. See the issue? The money is still coming in—but day by day, it’s coming in less. That’s the real reason the price can’t keep rising. It has nothing to do with some bearish “headline.”
Next, look at the derivatives. As the price moves up, leverage gets stacked higher as well. The fear/greed index jumped to around 79 a few days ago—already extremely greedy. Now it has pulled back to 73, but sentiment is still hot. The liquidation map is also interesting. If price breaks above 88,267, roughly $1.4 billion in short positions could get squeezed. If it drops below 80,259, there are also over $1.3 billion in long positions waiting to be harvested. The bullets on both sides are pretty even—who breaks first gets the fuel.
One more detail many people missed: institutional estimates put mining costs around 85,000. The coin price has stayed below that level for a full 280 days. Miners have basically been forced to sell the whole time. As long as it can hold above 85,000, that selling pressure from miners should noticeably ease.
So my plan is simple: for the weekly chart, a close above 82,500 is what counts as confirmation. The next stop would be 88,000 to 90,000. If the weekly close can’t hold, then a pullback toward around 80,000 to find support is completely normal.
Don’t chase with a full position at this level. And don’t cut just because of one dip. This week, just focus on this one weekly candle.
Brothers, have you been watching the chart these past couple of days? $BTC surged all the way to around 87,000, hitting the highest level since January this year. Then it was slammed back to 84,500. In the comments, everyone started getting panicky again. Let me say something practical:
First, look at where the money came from. The engine driving this rally is spot ETF inflows. On Monday, net inflows were nearly $1 billion. Tuesday: $710 million. Wednesday: $350 million. By Thursday, it was down to just $28 million. See the issue? The money is still coming in—but day by day, it’s coming in less. That’s the real reason the price can’t keep rising. It has nothing to do with some bearish “headline.”
Next, look at the derivatives. As the price moves up, leverage gets stacked higher as well. The fear/greed index jumped to around 79 a few days ago—already extremely greedy. Now it has pulled back to 73, but sentiment is still hot. The liquidation map is also interesting. If price breaks above 88,267, roughly $1.4 billion in short positions could get squeezed. If it drops below 80,259, there are also over $1.3 billion in long positions waiting to be harvested. The bullets on both sides are pretty even—who breaks first gets the fuel.
One more detail many people missed: institutional estimates put mining costs around 85,000. The coin price has stayed below that level for a full 280 days. Miners have basically been forced to sell the whole time. As long as it can hold above 85,000, that selling pressure from miners should noticeably ease.
So my plan is simple: for the weekly chart, a close above 82,500 is what counts as confirmation. The next stop would be 88,000 to 90,000. If the weekly close can’t hold, then a pullback toward around 80,000 to find support is completely normal.
Don’t chase with a full position at this level. And don’t cut just because of one dip. This week, just focus on this one weekly candle.