$BTC I'm leaning bullish this round, bears shouldn't get too cocky.
Last night we dipped around the 60k mark, and the chat was flooded with people starting to cover their shorts. I noticed $BTC spot still holding at 61502, down less than 3% in the last 24 hours, and it made me a bit uneasy. Such a weak market, it can't scare everyone while also bouncing back so quickly.
Not to mention the derivatives side has gone wild. 24-hour contract volume hit 28.5 billion, while spot only reached 3.2 billion, an 8.7x difference, it's like everyone is racing to pick a direction. The funding rate dropped to -0.0021%, indicating that there are quite a few shorts getting squeezed.
What concerns me isn't the drop, but whether we can bounce back above 61500 after breaking below 59130. The intraday high and low had a nearly 4800 buck difference, with 11,372,164 trades executed and open interest hanging at 102,661 BTC; this position is prime for a reversal slap.
I admit, bears have a point since we still ended down over the last 24 hours, and we haven't completely flipped the knife.
But do you really think with so many people piled on one side, the market will let them exit comfortably?
$BTC #BTC走势分析 #BinanceSquare
If you can't handle it, then don't hop on board; after all, I've learned this the hard way.
Last night we dipped around the 60k mark, and the chat was flooded with people starting to cover their shorts. I noticed $BTC spot still holding at 61502, down less than 3% in the last 24 hours, and it made me a bit uneasy. Such a weak market, it can't scare everyone while also bouncing back so quickly.
Not to mention the derivatives side has gone wild. 24-hour contract volume hit 28.5 billion, while spot only reached 3.2 billion, an 8.7x difference, it's like everyone is racing to pick a direction. The funding rate dropped to -0.0021%, indicating that there are quite a few shorts getting squeezed.
What concerns me isn't the drop, but whether we can bounce back above 61500 after breaking below 59130. The intraday high and low had a nearly 4800 buck difference, with 11,372,164 trades executed and open interest hanging at 102,661 BTC; this position is prime for a reversal slap.
I admit, bears have a point since we still ended down over the last 24 hours, and we haven't completely flipped the knife.
But do you really think with so many people piled on one side, the market will let them exit comfortably?
$BTC #BTC走势分析 #BinanceSquare
If you can't handle it, then don't hop on board; after all, I've learned this the hard way.