Emergency Alert: This Bitcoin "fake surge" is too risky, 88,000 can't hold on!
#BTC
Last night, Bitcoin's performance was simply like it was about to soar past 90,000, even hitting around 90,500 at its peak. Many people thought a new round of rising was about to begin. Who would have thought, the bulls are just paper tigers, they simply lack the ability to sustain the momentum.
By this morning's Asian trading session, the market took a sharp turn, plummeting all the way down, not only falling back to 88,000 but also smashing through this key support level that looked pretty strong. The speed of this reversal really caught people off guard.
Looking at the current market trend, isn't this a typical "door painting" market, also known as a "bull trap"? The price rose from 86k, and now it seems to be heading back down again. Currently, the 87,300 position is just a resting point in the downtrend; in the short term, the bears have firmly taken control.
Let's talk about the intricacies here, the 88,000 position is too critical. Last night, it was like a strong backing, providing support for the market, but today it has turned into a mountain, pressing down on the market and becoming an insurmountable resistance.
If we think negatively, if this breakout fails, those who made money before will definitely panic, rushing to sell and exit, with profit-taking pouring out, and the market will likely continue to dive, testing whether there is enough buying power around 86,000 to catch it.
However, we can't be too pessimistic; if the market can stabilize and doesn't drop below 84,500, then this wave of market movement is still just oscillating in the large range of 85k - 90k, far from a crash.
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