I'm going to be honest about where I stand right now.
The market is looking pretty rough with
$BTC currently at $75224.25, down over 2.5% today. We've seen more than $2.26 billion in outflows from US spot bitcoin ETFs over the past couple weeks, which is a huge amount of capital leaving the space.
Most alts are bleeding too, like
$ETH trading around $2045.77 and
$BNB at $643.18, both significantly down. It's a general market weakness right now.
So here's the play:
IF
$BTC can manage to consolidate and hold above the $75k mark, we might see some sideways action or even a small bounce back towards $77k. That would be a sign that the selling pressure is easing up for a bit.
BUT IF
$BTC breaks below its recent low of $74289.60, then we're likely heading for a deeper correction. I'd expect more downside, potentially testing much lower support levels.
Given the consistent ETF outflows and the broad market weakness, I think the second scenario, further downside, is more likely in the short term. I'm staying pretty cautious here, def not looking to ape into anything just yet.
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