Yesterday’s breakout has already failed—this isn’t just a simple high-level consolidation. $BTC saw a complete 1-hour closing break below 84,400 overnight, with a low around 83,842; before 9:00 it rebounded to 84,595, but it still remained below the 1-hour EMA20/50 at about 84,945/84,792.
What’s more concerning is that the BTC price has been largely flat over the past 24 hours, but open interest has increased by 1.29%, and the funding rate is still around 0.0043%, indicating that leveraged positions haven’t fully exited along with the pullback.
Over the same period, $ETH fell 1.17%. Its price is below the 1-hour EMA20/50, the 1-hour RSI is around 21—weaker than BTC. But oversold by itself doesn’t mean a reversal has already happened.
Today, first watch whether BTC can reclaim 84,800—85,000. If it can’t get back up there, it will likely continue testing 83,840; if that level is broken, then watch 83,100. Only after it regains and holds above 85,500 should you reassess the breakout and repair. At present, the priority is to prevent any new positions from being liquidated again. #BTC #ETH #Market Watch
What’s more concerning is that the BTC price has been largely flat over the past 24 hours, but open interest has increased by 1.29%, and the funding rate is still around 0.0043%, indicating that leveraged positions haven’t fully exited along with the pullback.
Over the same period, $ETH fell 1.17%. Its price is below the 1-hour EMA20/50, the 1-hour RSI is around 21—weaker than BTC. But oversold by itself doesn’t mean a reversal has already happened.
Today, first watch whether BTC can reclaim 84,800—85,000. If it can’t get back up there, it will likely continue testing 83,840; if that level is broken, then watch 83,100. Only after it regains and holds above 85,500 should you reassess the breakout and repair. At present, the priority is to prevent any new positions from being liquidated again. #BTC #ETH #Market Watch