The recent pullback of BTC is far greater than we expected!
Just now, Bitcoin (BTC) has once again pulled back to around $70,500. The square is filled with wails, and many people have begun to shout that the illusion of 'the bull is coming back' has been shattered.
But I want to ask everyone a question: Looking at the fear index drop to 23 (extreme fear), do you want to run away with the panic, or do you want to see what the big players are doing?
1. The truth behind the crash: This is not just a washout, but also a 'de-bubbling'.
1. The massacre of long leverage: In the past 24 hours, the amount of liquidations across the network has been astonishing. The main force used the fluctuation below 75,000 to precisely target and blow up those who leveraged up at high positions. Without thorough deleveraging, there will be no doubling of the rise in the second half.
2. Support level test: Everyone should focus on the range of $69,500 - $70,000. This is the starting point of last night's weekly rebound. As long as the 4-hour level can hold here, the trend remains intact, and all declines are opportunities to board.
2. Data monitoring: The whales are still secretly absorbing shares.
Real-time monitoring shows that despite the price drop, the trend of outflows on-chain (withdrawals from exchanges) has not only not stopped but has accelerated. This means: institutions are placing large orders around 7w. Only retail investors are panic selling their shares.
3. Today's and this week's operational strategy
• Short-term target: Stabilizing at 7.15w tonight will be seen as the end of the washout, and I still expect a push towards $78,000 next week.
• Entry suggestion: Hold on to the spot! Those who haven't boarded can place a bargain order in the range of $70,200 - $70,500. The stop-loss level is firmly set at $68,500.
In a bull market, every deep squat is to jump higher next time.
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