🔥 Bitcoin's current price of $58,330 isn't a crash, but rather a shakeout - and it's exactly what we've seen in every bull cycle, with this one being the third such event, wiping $800M in leveraged longs, as #Bitcoin and #onchain data show long-term holders are still holding strong.
📊 The context is clear: with the BTC RSI at 32.4 and MACD showing a bearish crossover, it's easy to feel like the bull market is ending, but the bigger picture suggests otherwise, as institutional demand and lower leverage support the short-term outlook for both BTC and ETH, which could reach $80,000 to $85,000 and $2,800 to $3,000 respectively, amid a market sentiment of Extreme Fear, with a score of 15/100.
💡 The lesson here is that zooming out to the weekly chart can help you see that the thesis hasn't changed, and with Open Interest levels at $6.36B and a funding rate of +0.0067%, it's clear that institutions are still bullish, as top traders are net long, with a ratio of 2.85, and the Long/Short ratio is 74.0% / 26.0%, which is a bullish sign, especially with smart money buying, as seen in the Solana ecosystem with b40 and MMGA.
❓ What's your strategy when the market goes red - will you be holding, buying, or waiting for confirmation, and do you think the current prices of BTC and ETH are a buying opportunity, given the #YenHitsFourDecadeLowVsDollar and #GoldHoldsDecline, or are you more focused on the #AzerbaijanDraftsVirtualAssetBillRequiringCentralBankLicense and its potential impact?
📊 The context is clear: with the BTC RSI at 32.4 and MACD showing a bearish crossover, it's easy to feel like the bull market is ending, but the bigger picture suggests otherwise, as institutional demand and lower leverage support the short-term outlook for both BTC and ETH, which could reach $80,000 to $85,000 and $2,800 to $3,000 respectively, amid a market sentiment of Extreme Fear, with a score of 15/100.
💡 The lesson here is that zooming out to the weekly chart can help you see that the thesis hasn't changed, and with Open Interest levels at $6.36B and a funding rate of +0.0067%, it's clear that institutions are still bullish, as top traders are net long, with a ratio of 2.85, and the Long/Short ratio is 74.0% / 26.0%, which is a bullish sign, especially with smart money buying, as seen in the Solana ecosystem with b40 and MMGA.
❓ What's your strategy when the market goes red - will you be holding, buying, or waiting for confirmation, and do you think the current prices of BTC and ETH are a buying opportunity, given the #YenHitsFourDecadeLowVsDollar and #GoldHoldsDecline, or are you more focused on the #AzerbaijanDraftsVirtualAssetBillRequiringCentralBankLicense and its potential impact?