This bullish candle came pretty suddenly today, but when you think about it, it wasn’t really sudden.
Bitcoin, between 83,000 and 85,000, spent the whole week just grinding there. During the day it surged to 85,000 and got pushed back. At night it fell back to and held around 83,000 again. Back and forth—layer by layer, it wore down people’s patience.
During this week, the voices in the market kept getting more pessimistic. Some said the squeeze was coming to an end. Others said demand had dried up. Still others said retail traders had all fled—don’t chase it at 84,000. Shorts piled in, and the order book looked neat and tidy.
Then tonight, the moment the U.S. nonfarm payrolls were released, a single line from Williams—"not in a hurry to raise rates"—and Citibank lifted its target price from 82,000 to 113,000. In one gulp, Bitcoin broke through the top at 86,000 from around 83,000, and pushed straight to 87,000.
In 24 hours, the whole internet exploded with 340 million in total—of which more than 240 million was shorts, over one and a half times that of the long side. Those waiting for it to fall back to 80,000 didn’t sleep very comfortably tonight.
But look—just a few days ago, the same group of shorters, seeing the tight back-and-forth between 83,000 and 85,000, acted with a kind of decisive boldness when they finally struck.
The news was just a trigger. What’s truly deadly is that this price had already ground for long enough at around 83,000, exhausting both sides. When the time came, it chose the direction that took the least effort and went that way on its own.
I didn’t move this week. Holding my position, watching it grind, watching it break.
Don’t rush to draw conclusions while it’s grinding. Wait until it’s picked a direction—then it won’t be too late to follow along.
Bitcoin, between 83,000 and 85,000, spent the whole week just grinding there. During the day it surged to 85,000 and got pushed back. At night it fell back to and held around 83,000 again. Back and forth—layer by layer, it wore down people’s patience.
During this week, the voices in the market kept getting more pessimistic. Some said the squeeze was coming to an end. Others said demand had dried up. Still others said retail traders had all fled—don’t chase it at 84,000. Shorts piled in, and the order book looked neat and tidy.
Then tonight, the moment the U.S. nonfarm payrolls were released, a single line from Williams—"not in a hurry to raise rates"—and Citibank lifted its target price from 82,000 to 113,000. In one gulp, Bitcoin broke through the top at 86,000 from around 83,000, and pushed straight to 87,000.
In 24 hours, the whole internet exploded with 340 million in total—of which more than 240 million was shorts, over one and a half times that of the long side. Those waiting for it to fall back to 80,000 didn’t sleep very comfortably tonight.
But look—just a few days ago, the same group of shorters, seeing the tight back-and-forth between 83,000 and 85,000, acted with a kind of decisive boldness when they finally struck.
The news was just a trigger. What’s truly deadly is that this price had already ground for long enough at around 83,000, exhausting both sides. When the time came, it chose the direction that took the least effort and went that way on its own.
I didn’t move this week. Holding my position, watching it grind, watching it break.
Don’t rush to draw conclusions while it’s grinding. Wait until it’s picked a direction—then it won’t be too late to follow along.