$BTC
As expected, Bitcoin chose to break downward last night after the bearish CPI data came out. But the biggest factor was external pressure: U.S. and Korean stocks plunged. Bitcoin, however, held up much better than expected and didn’t fall much. Why? Looking beyond the surface, I think the big players don’t want it to drop further—they don’t want retail investors to be able to scoop up coins so easily. If it doesn’t break below the 79,000–80,000 range over the next couple of days, we’ll likely see a rebound over the weekend. This could be a good area for a short-term entry to play the bounce.
Bitcoin’s overall trend is actually fairly easy to read. If it breaks below the 80,000–84,000 range, it’ll move back toward the next range around 74,000–80,000. That would be an excellent opportunity to buy the dip, but whether we get there depends on whether the market gives us the chance.
As expected, Bitcoin chose to break downward last night after the bearish CPI data came out. But the biggest factor was external pressure: U.S. and Korean stocks plunged. Bitcoin, however, held up much better than expected and didn’t fall much. Why? Looking beyond the surface, I think the big players don’t want it to drop further—they don’t want retail investors to be able to scoop up coins so easily. If it doesn’t break below the 79,000–80,000 range over the next couple of days, we’ll likely see a rebound over the weekend. This could be a good area for a short-term entry to play the bounce.
Bitcoin’s overall trend is actually fairly easy to read. If it breaks below the 80,000–84,000 range, it’ll move back toward the next range around 74,000–80,000. That would be an excellent opportunity to buy the dip, but whether we get there depends on whether the market gives us the chance.