The 4-hour chart has consolidated for two or three days, $BTC currently fluctuating around 66800. The main theme of the market this week can be summed up in one word: grind.
The current market situation is less of a fluctuation and more of a buildup for 'hunting'.
1️⃣ What tricks are the main players playing?
Currently, the spot buying power in the market is obviously lacking. Although OTC block trades are still active, that is just private handovers between institutions and has not provided real monetary momentum to the secondary market. Even more exaggerated is that the fear index has dropped to 12 (extreme fear), which has been very rare in the past two years; confidence has basically been ground to a halt.
2️⃣ Focus on the liquidation map (life and death line)
Why is it not safe to bottom fish right now? The liquidation data makes it clear: around $64,100, there are over 3.5 billion dollars in long liquidation positions. For the main players, this is simply a huge 'piece of meat.'
If the daily close tonight cannot hold above 66400, the bears will likely take advantage of the situation, following the psychological expectation of breaking the upward channel to directly launch a surprise attack on the liquidation zone to obtain liquidity.
3️⃣ The next operational strategy
The bulls urgently need a significant volume action to reclaim 68500 to stop the decline. Otherwise, the current sideways movement is like boiling a frog in warm water.
Personal advice: Don't go all in during the European session at halfway up the mountain. Pay close attention to the reactions in the 64100-64500 range; that is where the main players' real 'bait' is located.
The market has not yet reached rebirth after despair; patiently wait for that 'final drop' to find the golden pit.