The door really did break last night—and then welded itself back together.
$BTC briefly smashed through $80,000 in the middle of the night (the actual low was $79,800). According to Coinglass, more than $770 million in long positions were liquidated. By noon, it was back up to $82,070. ETH was today’s top performer at $2,440 (+2.5%)—the little brother that took the hardest hit over the past few days bounced back the strongest today.
The most interesting part: breaking support, wiping out leveraged positions, then climbing back along the same route looks more like a leverage flush than the start of a fresh downtrend. But a one-day signal ≠ trend confirmation, so don’t rush to conclusions.
I’d already put champagne in my cart last night, and today it bounced right back onto the shelf 🥲
Which side are you on after last night’s long wick?
A. A fake-out to flush the market; now that leverage is cleared, the move continues
B. It came back to confirm the door lock is broken—we’ll have to test it again
My occupational hazard kicked in for the seventh time: I’m going with B.
Not investment advice. DYOR
#Bitcoin #Crypto #BTC
$BTC briefly smashed through $80,000 in the middle of the night (the actual low was $79,800). According to Coinglass, more than $770 million in long positions were liquidated. By noon, it was back up to $82,070. ETH was today’s top performer at $2,440 (+2.5%)—the little brother that took the hardest hit over the past few days bounced back the strongest today.
The most interesting part: breaking support, wiping out leveraged positions, then climbing back along the same route looks more like a leverage flush than the start of a fresh downtrend. But a one-day signal ≠ trend confirmation, so don’t rush to conclusions.
I’d already put champagne in my cart last night, and today it bounced right back onto the shelf 🥲
Which side are you on after last night’s long wick?
A. A fake-out to flush the market; now that leverage is cleared, the move continues
B. It came back to confirm the door lock is broken—we’ll have to test it again
My occupational hazard kicked in for the seventh time: I’m going with B.
Not investment advice. DYOR
#Bitcoin #Crypto #BTC