$BTC btc is currently dipping around 63500, which is also the low point from Monday’s early morning drop, the same spot where the peace agreement news between the US and Iran emerged, leading to a reversal and a bounce back up.
The price rallied up to around 67350. I mentioned that 67500 is a crucial watershed, and after it was successfully broken on June 3rd, it pushed towards the 60k mark, which aligns with my previous analysis and predictions.
Now, regarding the surge due to the announcement of the peace agreement, there was a slight shakeout near 66000 to test the market's long and short ratio, and ultimately it surged strongly to 67250, getting stuck at the strong resistance level of 67500.
Looking back, on June 10th, the CPI data revealed the highest values in nearly three years. Although it matched expectations, the reality is that inflation is excessively severe, leading to declines in US stocks and gold, while oil and BTC saw inflows resulting in price rises.
BTC should technically be dropping, but given that BTC had been on a downward trend for the previous two weeks and had broken the new low at 60k, the market was in a bottom consolidation phase. This became capital inflow from institutions selling off in the US stocks and gold; prices were low, leading to a main lift and a harvest wave. From a long-term indicator perspective, especially on the 12-hour chart, it was bearish at 64500, but the market had a strong bullish surge at 5 AM on June 15th due to the peace news.
Last week, the price oscillated from 60700 to 64700 over four days, and by 9 AM on the 12th, it had already lifted to 63900, just 800 points shy of the 64700 high. It’s clear that the whales are aiming for a short-term harvest wave, allowing more spot buyers and bulls to take over the ride, which aims to stabilize BTC against further drops. This is a classic case of poor liquidity, trying to get more retail traders to stabilize the market.
However, this time the market didn't play along, with the majority leaning bearish, leading to the main bullish wave from 63600 to 67200. From an indicator standpoint, such a main bullish wave is somewhat forced; if the short interest at 64500 is massive, the peace agreement news could have easily led to a trap for the bulls with a subsequent dump. The heavy short interest and the lack of bullish buyers are causing this situation.
Before the Fed's interest rate decision is released, anyone with a bit of sense knows there's a high probability it will remain unchanged, with a slim chance of a rate hike and no chance of a rate cut. Given the severe inflation, the US-Iran peace agreement is unlikely to go smoothly due to the conflicting interests of both countries.
The price rallied up to around 67350. I mentioned that 67500 is a crucial watershed, and after it was successfully broken on June 3rd, it pushed towards the 60k mark, which aligns with my previous analysis and predictions.
Now, regarding the surge due to the announcement of the peace agreement, there was a slight shakeout near 66000 to test the market's long and short ratio, and ultimately it surged strongly to 67250, getting stuck at the strong resistance level of 67500.
Looking back, on June 10th, the CPI data revealed the highest values in nearly three years. Although it matched expectations, the reality is that inflation is excessively severe, leading to declines in US stocks and gold, while oil and BTC saw inflows resulting in price rises.
BTC should technically be dropping, but given that BTC had been on a downward trend for the previous two weeks and had broken the new low at 60k, the market was in a bottom consolidation phase. This became capital inflow from institutions selling off in the US stocks and gold; prices were low, leading to a main lift and a harvest wave. From a long-term indicator perspective, especially on the 12-hour chart, it was bearish at 64500, but the market had a strong bullish surge at 5 AM on June 15th due to the peace news.
Last week, the price oscillated from 60700 to 64700 over four days, and by 9 AM on the 12th, it had already lifted to 63900, just 800 points shy of the 64700 high. It’s clear that the whales are aiming for a short-term harvest wave, allowing more spot buyers and bulls to take over the ride, which aims to stabilize BTC against further drops. This is a classic case of poor liquidity, trying to get more retail traders to stabilize the market.
However, this time the market didn't play along, with the majority leaning bearish, leading to the main bullish wave from 63600 to 67200. From an indicator standpoint, such a main bullish wave is somewhat forced; if the short interest at 64500 is massive, the peace agreement news could have easily led to a trap for the bulls with a subsequent dump. The heavy short interest and the lack of bullish buyers are causing this situation.
Before the Fed's interest rate decision is released, anyone with a bit of sense knows there's a high probability it will remain unchanged, with a slim chance of a rate hike and no chance of a rate cut. Given the severe inflation, the US-Iran peace agreement is unlikely to go smoothly due to the conflicting interests of both countries.