$BTC BTC Daily Market Analysis
Market liquidation data in the last 24 hours:
CoinGlass data shows that 81,410 traders were “liquidated” in the past 24 hours, with a total liquidation amount of 233.67 million US dollars (with long positions accounting for about 47% and short positions for about 53%).
Market Analysis:
We are still dealing with this endless sideways volatility. Currently, we have seen a local pullback and received support around the $72,000 line. Various signs indicate that this dull stalemate will last at least until Monday, when the new week begins. To give you an idea of the trading volume at this level: this is one of the most densely traded ranges in Bitcoin's history. Breaking through this area will be very challenging.
My Opinion:
To be honest, I really don’t understand where everyone’s optimism comes from. For me, I cannot find any reason to overturn the bear market trend. The situation on the chart is no different from when I publicly warned about the start of the bear market cycle 5 months ago. According to my calculations, we will face about 8 to 12 months of a brutal bear market ahead, during which we will experience 5 to 7 significant and painful adjustments. Take off your “long position filter,” protect your capital, and make sure to trade in the direction of the trend!
