#BitcoinRejectedAt$87K
$BTC Bitcoin’s recent push toward $87,000 (peaking near $86,800–$87,400)—driven largely by a short squeeze and lower bond yields after weak US jobs data—ran into a strong wave of selling pressure and resistance at the top of its parallel channel. After the market’s negative reactions, the key factors affecting market sentiment are as follows:
Short-Term Squeeze Exhaustion: The initial momentum was largely driven by the liquidation of short positions totaling over $120 million, but this buying pressure has largely faded, leaving the market vulnerable to long-position risk and profit-taking. Instant Demand and Resistance: Sellers stepped in heavily near areas close to the upper limit of the channel, limiting (for now) the continuation of the upside move.
Support Levels to Watch: With rejection occurring, investors are closely monitoring key psychological lower support zones extending as far as the $79,500 to $82,500 area, where buyers may step back in.
#bitcoin.” $BTC
$BTC Bitcoin’s recent push toward $87,000 (peaking near $86,800–$87,400)—driven largely by a short squeeze and lower bond yields after weak US jobs data—ran into a strong wave of selling pressure and resistance at the top of its parallel channel. After the market’s negative reactions, the key factors affecting market sentiment are as follows:
Short-Term Squeeze Exhaustion: The initial momentum was largely driven by the liquidation of short positions totaling over $120 million, but this buying pressure has largely faded, leaving the market vulnerable to long-position risk and profit-taking. Instant Demand and Resistance: Sellers stepped in heavily near areas close to the upper limit of the channel, limiting (for now) the continuation of the upside move.
Support Levels to Watch: With rejection occurring, investors are closely monitoring key psychological lower support zones extending as far as the $79,500 to $82,500 area, where buyers may step back in.
#bitcoin.” $BTC
