BTC surged to 84,898, but I’m not chasing it. I’ll wait to see if it can hold above 83,400 first.
BTC on Binance spot is up 2.4% in 24 hours, reaching a high of 84,898 and currently trading around 84,750.
The catalyst was a daily net inflow of $526.6 million into spot ETFs, the biggest day since September 22.
The other half of the fuel was short liquidations: about $125 million in short positions were wiped out within an hour.
On the 4H chart, the price has just moved above the MA20 and MA50, but 86,000 is still the top of the range.
I think this is a rebound driven by ETF inflows and a short squeeze, not a breakout yet. The Fed meeting is also coming up next week.
Gains driven by a short squeeze are especially vulnerable if spot buyers don’t follow through.
My plan: a daily close holding above 83,400 would suggest the top of the range is in play. I’d consider following only after a decisive move above 86,000.
If it falls back below 82,500, this move is a false breakout. A further drop below the 80,000 range floor would invalidate the whole setup.
Do you think this is genuine ETF buying, or will the price pull back once the short squeeze is over?
$BTC $ETH $XRP
#BTC #BitcoinETF
BTC on Binance spot is up 2.4% in 24 hours, reaching a high of 84,898 and currently trading around 84,750.
The catalyst was a daily net inflow of $526.6 million into spot ETFs, the biggest day since September 22.
The other half of the fuel was short liquidations: about $125 million in short positions were wiped out within an hour.
On the 4H chart, the price has just moved above the MA20 and MA50, but 86,000 is still the top of the range.
I think this is a rebound driven by ETF inflows and a short squeeze, not a breakout yet. The Fed meeting is also coming up next week.
Gains driven by a short squeeze are especially vulnerable if spot buyers don’t follow through.
My plan: a daily close holding above 83,400 would suggest the top of the range is in play. I’d consider following only after a decisive move above 86,000.
If it falls back below 82,500, this move is a false breakout. A further drop below the 80,000 range floor would invalidate the whole setup.
Do you think this is genuine ETF buying, or will the price pull back once the short squeeze is over?
$BTC $ETH $XRP
#BTC #BitcoinETF