Market update-

The price action on $BTC

BTCUSDT

Prep

88,060.1

-0.50%

Bitcoin the past 2 days has been perfect for wiping out both longs and shorts- both of the previous US sessions opened with strength before seeing rapid 5% rejections. Despite this, the $85k area remains solid but we must remember that the more an area is tested the more likely it is to fail. Eventually $85k could break and lead to a huge liquidation event.

BTC is now pushing into an an area (above $88k) where we have seen strong resistance, and I would now like to see a clean break of the orange downtrend before considering longs here. Patience and risk management is required here- the recent price action doesn't give us a huge amount to work with.