BTC down more than 6% – The market is afraid, but I'm feeling calmer?
Market sentiment is at 'Extreme Fear' (20/100), down 8 points from yesterday. Bitcoin just had a sharp correction, falling 6.47% over the past 24 hours. Everyone is worried, but I see this as a time to take another look at everything.
The truth is that Bitcoin had risen very sharply. Breaking through resistance is one thing; holding above it is another. For me, these are the things to keep a close eye on:
* Is spot market inflow strong enough to support the price?
* Will ETFs continue to bring in money as prices fall?
* Are open interest and funding rates showing any unusual signals?
* Most importantly, can $BTC hold the key support levels?
Never chase a blazing green candle or panic when prices plunge. What do you think—is this an opportunity or a potential risk?
For informational purposes only, not investment advice. DYOR.
#Bitcoin
Market sentiment is at 'Extreme Fear' (20/100), down 8 points from yesterday. Bitcoin just had a sharp correction, falling 6.47% over the past 24 hours. Everyone is worried, but I see this as a time to take another look at everything.
The truth is that Bitcoin had risen very sharply. Breaking through resistance is one thing; holding above it is another. For me, these are the things to keep a close eye on:
* Is spot market inflow strong enough to support the price?
* Will ETFs continue to bring in money as prices fall?
* Are open interest and funding rates showing any unusual signals?
* Most importantly, can $BTC hold the key support levels?
Never chase a blazing green candle or panic when prices plunge. What do you think—is this an opportunity or a potential risk?
For informational purposes only, not investment advice. DYOR.
#Bitcoin
