From yesterday’s sell-off to today’s hotter-than-expected inflation data, this market shakeout has been exceptionally brutal.
On the macro front, the stubborn CPI has completely dashed hopes of near-term rate cuts, while the bloodbath in U.S. tech stocks has sent risk appetite in crypto markets to rock bottom;
Technically, after breaking below 74,000, price fell beneath all the daily moving averages, with bears still firmly in control.
Although the oversold RSI leaves some room for a technical bounce, a rebound driven purely by short covering won’t go far. Don’t blindly try to call the bottom before real spot buying comes in. The next thing to watch is whether the psychological 70,000 level can hold; if it doesn’t, price may test even lower levels.
The strategy remains the same: better to miss an opportunity than to make unnecessary mistakes.
Protect your capital and patiently wait for the market to flush out leverage and show clear signs of bottoming before taking action.$BTC
On the macro front, the stubborn CPI has completely dashed hopes of near-term rate cuts, while the bloodbath in U.S. tech stocks has sent risk appetite in crypto markets to rock bottom;
Technically, after breaking below 74,000, price fell beneath all the daily moving averages, with bears still firmly in control.
Although the oversold RSI leaves some room for a technical bounce, a rebound driven purely by short covering won’t go far. Don’t blindly try to call the bottom before real spot buying comes in. The next thing to watch is whether the psychological 70,000 level can hold; if it doesn’t, price may test even lower levels.
The strategy remains the same: better to miss an opportunity than to make unnecessary mistakes.
Protect your capital and patiently wait for the market to flush out leverage and show clear signs of bottoming before taking action.$BTC