Everyone is celebrating too early and it’s actually kind of dangerous.
$BTC just recovered from that nasty dip to 84k, but notice how we are stalling out right now around 88,300. That long wick to the upside on the recent candle shows there is still plenty of selling pressure waiting for us near the previous 89.4k high.
Volume is massive at 20B, but the momentum is starting to look a bit flat on the 1h timeframe.
I’m not clicking long here. I want to see if we can actually flip 88.5k into support or if this is just a relief rally before we test that 86k level again. Staying flat for a bit is usually the smartest move when price gets choppy like this.
BTC
88,333.03
+0.39%