š The Fed stood pat, but Bitcoin couldnāt hold above $80,000 on Binance either.
BTCUSDT on Binance was around $80,154 in the evening, down 1.26% over 24 hours, trading between $79,710 and $81,789.
It also surged past $81,700 just after the decision came out, but once it fell below $80,000 during todayās Asian session, it dipped as low as $79,710 before slowly climbing back in the evening.
Whatās interesting is that the money flow wasnāt weak: U.S. spot Bitcoin ETFs saw net inflows of $137 million on Wednesday, bringing the three-day total to $424 million. BlackRockās IBIT alone took in $136 million.
But the price wasnāt buying it. Around $356 million in positions were liquidated across the market over 24 hours, with bullish traders chasing the rally taking the first hit.
I took a quick look, and my one takeaway was this: standing pat isnāt a green light. Two officials still want to raise rates, and the odds of a December hike are still around 80%.
Money is flowing in while the price is falling. At a time like this, rushing to buy the dip is basically siding with the liquidated bulls.
Iām not chasing this move.
Letās talk about a recovery only after it holds above $81,789 (Binanceās 24-hour high). If it breaks below $79,710 (Binanceās 24-hour low), donāt try to prop this move up.
In short: the good news only lasted half a day. Now it all comes down to whether $80,000 can hold. $BTC
#ē¾čåØä¼č®®
BTCUSDT on Binance was around $80,154 in the evening, down 1.26% over 24 hours, trading between $79,710 and $81,789.
It also surged past $81,700 just after the decision came out, but once it fell below $80,000 during todayās Asian session, it dipped as low as $79,710 before slowly climbing back in the evening.
Whatās interesting is that the money flow wasnāt weak: U.S. spot Bitcoin ETFs saw net inflows of $137 million on Wednesday, bringing the three-day total to $424 million. BlackRockās IBIT alone took in $136 million.
But the price wasnāt buying it. Around $356 million in positions were liquidated across the market over 24 hours, with bullish traders chasing the rally taking the first hit.
I took a quick look, and my one takeaway was this: standing pat isnāt a green light. Two officials still want to raise rates, and the odds of a December hike are still around 80%.
Money is flowing in while the price is falling. At a time like this, rushing to buy the dip is basically siding with the liquidated bulls.
Iām not chasing this move.
Letās talk about a recovery only after it holds above $81,789 (Binanceās 24-hour high). If it breaks below $79,710 (Binanceās 24-hour low), donāt try to prop this move up.
In short: the good news only lasted half a day. Now it all comes down to whether $80,000 can hold. $BTC
#ē¾čåØä¼č®®
