BTC is back above 80K usd It bounced about 6% off this week's low of 75.6K usd and pushed to about 81K usd
Short covering drove a lot of it. About 378M usd of crypto shorts got liquidated in one hour. Midterm uncertainty cleared and oil dropped too. But the ETF data is still negative: 1.16B usd out over three sessions through Tuesday.
Levels I'm watching:
84K usd –85.5K usd: Bitfinex says holders near breakeven may sell here.
81K usd –82K usd : first wall. A daily close above 81.3K usd confirms the breakout.
80K usd : has to hold. The 20- and 50-day EMAs sit right here.
78K usd– 79K usd : next support. Lose 78K usd and it looks weak.
75.6K usd–76.4K usd : this week's low, the 50-week MA and the 200-day EMA. If this goes, 72K usd –74K usd is next.
Upside: BTC holds $80K and closes above $81.3K, then 82K usd–84K usd is next. It helps if ETFs flip to inflows. Bitfinex wants three big days in a row.
Downside: the squeeze fades and BTC slides back to 78K usd –79K usd, then 76K usd Oil is a risk too. It fell about 12% from Friday's peak, so a bounce could hit BTC.
I want to see ETF inflows before I trust this move.
Not financial advice.
$BTC
#BTCRebounds80K
Short covering drove a lot of it. About 378M usd of crypto shorts got liquidated in one hour. Midterm uncertainty cleared and oil dropped too. But the ETF data is still negative: 1.16B usd out over three sessions through Tuesday.
Levels I'm watching:
84K usd –85.5K usd: Bitfinex says holders near breakeven may sell here.
81K usd –82K usd : first wall. A daily close above 81.3K usd confirms the breakout.
80K usd : has to hold. The 20- and 50-day EMAs sit right here.
78K usd– 79K usd : next support. Lose 78K usd and it looks weak.
75.6K usd–76.4K usd : this week's low, the 50-week MA and the 200-day EMA. If this goes, 72K usd –74K usd is next.
Upside: BTC holds $80K and closes above $81.3K, then 82K usd–84K usd is next. It helps if ETFs flip to inflows. Bitfinex wants three big days in a row.
Downside: the squeeze fades and BTC slides back to 78K usd –79K usd, then 76K usd Oil is a risk too. It fell about 12% from Friday's peak, so a bounce could hit BTC.
I want to see ETF inflows before I trust this move.
Not financial advice.
$BTC
#BTCRebounds80K
