The buying power in the $btc futures market is too weak. Once there’s any sign of trouble, these users will be the first to flee. In the past few days, the selling of ETFs has directly pushed the price back down to 11.3k.
From the daily chart, after BTC broke the new high, it has been on a downward trend without any buffer zone. The goal of the bears is simple: to make the longs give back all their profits. Retail investors are caught in a cycle of going long when they should be going short and going short when they should be going long.
If this week doesn’t end well, the weekly K-line will form a double top, which is a significant double top. To digest this double top, at least a month of consolidation is needed. Coincidentally, this month will also coincide with the time the Federal Reserve announces interest rates.
I hope the bulls can hold the 11.1k position this week.
$BTC dropped to a low of 11.72 last night. At 5 AM, it tested 11.72 again and found it couldn't drop further. The market started to see buying pressure, but the main source of buying funds came from the futures market. With this kind of futures buying, once it reaches a certain pressure, it can easily be pushed down. Today, pay attention to the 120,000 level, as there are shorting opportunities both above and below.
However, we can't say that it has reached the bottom. The current rebound is just a repair of indicators and a bottom-fishing in contracts. Once it hits a key resistance level and doesn't break through for a long time (with no funds entering), the market will drop quickly.
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