BTC has fallen below 70,000! Above 71,000 is full of liquidation traps, can the position at 67,000 hold?
Let's talk about macro and fundamentals first, don't bring up digital gold. The US dollar interest is still at 4.3%, who would be foolish enough to throw big money into BTC? The benefits of halving have long been exhausted and now it’s all side effects. The amount of coins mined by miners is not as much as before, they have to sell desperately to pay for electricity, and the market is flooded with goods. I see on-chain data, large wallets are transferring coins out, isn’t it obvious they want to crash the market?
Next, let’s look at the technicals and liquidation charts, the bulls are being pressed down. Looking at the candlestick chart, the spike to 71,999 was a trap to lure in buyers, just a few points away from 72,000, but it can’t get through, deliberately trapping people at the peak. Now it has dropped to 67,693, the four-hour moving averages are all dead cross, the bearish arrangement looks extremely bad.
Looking at the heat map, the area from 70,000 to 72,000 is glaring, full of people who chased the high and got liquidated. This round of market crash is not a retail behavior, it’s a chain reaction triggered by machine liquidations, it can’t be stopped.
My real operation: if you are holding spot and your cost is above 70,000, don’t wait foolishly, quickly reduce your position when it rebounds to 68,500-69,500, first protect your principal. If it can return to 70,000, that’s your luck, don’t hesitate to run.
For those looking to buy the dip, don’t rush! Trying to catch a falling knife now is seeking death. Watch the position at 67,000, if it breaks down with volume, directly look at 66,000, that’s when it’s time to pick up cheap.
For those shorting, it’s very comfortable now. As long as the rebound doesn’t exceed 70,000, I will continue to add to my shorts, aiming to see it break below 67,000.
If the Federal Reserve suddenly turns dovish and interest rate cut expectations rise, or if geopolitical conflicts escalate, Bitcoin might rebound due to risk aversion sentiment, I monitor macro news every day. For the upcoming layout strategy, I will aim for opportunities in altcoins with high profits along with my loyal followers, targeting to double the position, 进入聊天室 will be part of the layout.
