🚨 Is $BTC really heading toward $60,000, or is the market getting ready to trap short sellers first?
Guys, this is a quick and important update about the Bitcoin long position I'm still holding.
I'm still holding the position even though it's currently at a loss, and my view remains the same.
$BTC is moving sideways around the $75,000–$76,000 area after the strong sell-off. I know many expect another sharp drop, but what I'm seeing on the chart is a little different.
According to the liquidity data I'm tracking, there's significant liquidity tied to short positions between $77,000 and $78,000.
At the same time, Bitcoin is moving sideways below a descending resistance line, and if buyers manage to break through it, that could open the way to higher liquidity levels.
🎯 My main target is still near $78,000.
That doesn't mean $BTC can't drop further; a decline is possible, especially if it fails to hold above the $75,000 support.
But I don't think every downward move necessarily means we're heading straight to $60,000.
Sometimes the market needs to move up, liquidate crowded short positions, complete its short-term move, and then determine whether the broader downtrend will continue.
Guys, this is a quick and important update about the Bitcoin long position I'm still holding.
I'm still holding the position even though it's currently at a loss, and my view remains the same.
$BTC is moving sideways around the $75,000–$76,000 area after the strong sell-off. I know many expect another sharp drop, but what I'm seeing on the chart is a little different.
According to the liquidity data I'm tracking, there's significant liquidity tied to short positions between $77,000 and $78,000.
At the same time, Bitcoin is moving sideways below a descending resistance line, and if buyers manage to break through it, that could open the way to higher liquidity levels.
🎯 My main target is still near $78,000.
That doesn't mean $BTC can't drop further; a decline is possible, especially if it fails to hold above the $75,000 support.
But I don't think every downward move necessarily means we're heading straight to $60,000.
Sometimes the market needs to move up, liquidate crowded short positions, complete its short-term move, and then determine whether the broader downtrend will continue.
