UPDATE ON THE HEALTH STATUS OF BTC AND NEWS - ONCHAIN RELATED
1. BTC Chart Situation
- As everyone knows,
$BTC has broken the uptrend (Green color). This is a signal confirming that the short-term uptrend has broken.
- The current scenario is that BTC is technically retracing before heading back down to the 80k range, indicating that the current trend suggests waiting to SHORT more than LONG is a very realistic scenario according to the textbook (Bearish Retest).
2. Onchain Data
- Long Liquidations: This drop is mainly due to Long Squeeze (liquidation of long positions). Over 500 million USD in long positions have been liquidated across the market, creating a "domino" effect driving prices down quickly. The significant decrease in Open Interest is a good signal to "cleanse" the market, eliminating excessive leverage.
- AT WHALE ORDERS & LARGE TRANSACTIONS, IT CAN BE SEEN AT THE PRICE POINT OF 85K ~ 86K WITH STRONG BUYING FORCE.
- Whale Behavior: There are distribution signals (selling) from large whale wallets (approximately 2.8 billion USD worth of BTC has been sold from this group) while retail investors are trying to catch the bottom. When whales sell and retail buys, prices often do not recover immediately.
- Exchange Netflow: Although prices are falling, Net Outflow (the amount of BTC withdrawn from exchanges) still occurs at certain times, indicating that many spot buyers are still accumulating to transfer to cold wallets, and they are not panic selling.
3. News & Market Sentiment
- ETF Capital Flow: US Spot Bitcoin ETF funds have recorded significant net outflows (over 600 million USD in a recent day).
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