$BTC dropped smoothly tonight, and here are 5 reasons why đ
1ïžâŁ Weak technicals. Bitcoin keeps printing lower highs, and on the smaller timeframes it has failed to break above 84,000 over the past two days.
2ïžâŁ Bearish CPI. BTC had been stuck in a tight range while the market waited for the data. Once CPI dropped, it set off a chain reaction.
3ïžâŁ ETF flows are wobbling. Bitcoin ETFs have shown net outflows over the last few days.
4ïžâŁ Sentiment is dead. Several KOLs are saying the market is slow with no opportunities. That is usually when a big move is near, and CPI was just the fuse that set liquidity in motion.
5ïžâŁ Gold correlation. BTC tends to move in tandem with $XAU, and goldâs momentum suggests 4,066 could be close.
Whatâs your view? Does $BTC retest lower, or bounce from here? đ
â ïž Not financial advice. DYOR.
#CPIWatch đš $XAU #ShortSignal
1ïžâŁ Weak technicals. Bitcoin keeps printing lower highs, and on the smaller timeframes it has failed to break above 84,000 over the past two days.
2ïžâŁ Bearish CPI. BTC had been stuck in a tight range while the market waited for the data. Once CPI dropped, it set off a chain reaction.
3ïžâŁ ETF flows are wobbling. Bitcoin ETFs have shown net outflows over the last few days.
4ïžâŁ Sentiment is dead. Several KOLs are saying the market is slow with no opportunities. That is usually when a big move is near, and CPI was just the fuse that set liquidity in motion.
5ïžâŁ Gold correlation. BTC tends to move in tandem with $XAU, and goldâs momentum suggests 4,066 could be close.
Whatâs your view? Does $BTC retest lower, or bounce from here? đ
â ïž Not financial advice. DYOR.
#CPIWatch đš $XAU #ShortSignal