📉 Market rebound… Opportunity or trap?
Today, we witnessed a good rebound in the market, with Bitcoin bouncing from 85,266 and moving towards a strong resistance area between 87,700 – 88,200. Not just $BTC , but many alternative currencies are also rebounding towards significant resistances.
The main reason mentioned earlier is that the economic data today could change future interest rate cut expectations, which temporarily opened up risk appetite in crypto.
However, beware: the 88k area that was previously strong support may now turn into a critical resistance. Either a rejection and a new drop, or a recovery and rise towards 90k.
In my opinion, this rebound is unsustainable, and with the upcoming risks from the Bank of Japan, we may see selling and profit-taking.
My advice: Reduce risks, take your profits, and wait for clearer opportunities; the market is still in a dangerous position. ⚠️
