Are you anxious? Today's market is quite distressing. $BTC Dropped below 68600, and after the European market opened, the sentiment dropped directly to freezing point. The greed and fear index surprisingly fell to 13 (extreme fear), which has been rare in the past six months.
Why is it falling?
Actually, it is mainly influenced by the macro situation and geopolitical issues. Everyone's risk-averse sentiment is very strong now, and the institutions that were originally focusing on 70000 have also started to back off, resulting in a significant outflow from spot ETFs. This wave of chain explosions has directly wiped out nearly 100 million in long positions.
What are the whales doing?
The focus is coming! Although the market looks grim, the on-chain data is quite interesting: the Exchange Whale Ratio is surging. This usually indicates that the big players are deliberately creating selling pressure to trick retail investors into selling their cheap tokens. According to monitoring, large players have quietly taken away nearly 200,000 BTC at this position.
Personal opinion:
The current level around 68000 is actually a short-term psychological defense line. Although the EMA50 is a resistance, it seems like it will still fluctuate, but during this time of 'extreme fear,' it often presents an opportunity for reverse positioning. Institutions are observing, big players are accumulating, and what's left is to be patient.
Don’t be scared by the market's decline; keep an eye on the support at 68000. As long as it stabilizes, this wave of consolidation is to build momentum for the upcoming violent surge!