Today BTC surged to around 87,000 again but was sold back down. It’s only about a breath away from the late-September high of roughly 87,400. Even after that, the close is still around 86,000. This is the second time this week it has touched this level and failed to hold.
I only look at two price levels. If the daily close is above 87,000–87,500: above that, the liquidation zone is around 90,000, which is the only reason to have a case for further upside. If it falls back to 85,000–85,500 and can’t reclaim it, then treat this move as a false breakout for now and reduce positions.
The weekly chart is still up. Last week’s ETF continued to see net inflows, so it’s not a crash. But if you don’t break above the previous high, don’t chase longs—your stop-loss will be very close. The chart is below.
