In less than 1 hour, Bitcoin wiped out all expectations of the bulls when it broke through the $64,000 mark and hit a low of $62,345. Although there was a slight upward wick back to the $64,058 area, selling pressure is still completely dominant.
• Horrific sell-off pressure: Looking at the 15-minute candle, the red volume bars continuously maintain a high level, pushing BTC down -11.63% in the past 24 hours.
• Short-term support: The $62,300 area is temporarily serving as a support point, but the slope of the moving averages (MA) indicates that the downtrend is still very strong.
• Market sentiment: The Fear & Greed Index remains at 11 (Extreme Fear). The crowd is truly panicking as they see Altcoin accounts evaporating by 10% - 12% overnight.
Prices are below all major MA lines ($63,799 - $69,509). If Bitcoin cannot close a candle above $65,000 in the next few hours, a scenario of retesting the psychological support area of $60,000 is entirely possible.
Advice at this moment:
1. Patience: This is not the time to 'Long chase' because the risk of liquidation is still very high.
2. Management: Protect your USDT balance. In a free-falling market, cash is king.
Do you dare to 'catch the falling knife' at the $62,000 area? Please share your plan!
#Write2Earn #BitcoinCrash #MarketAnalysis #BTC $BNB
