🔴｜4.15 BTC Morning Analysis
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Many people are still reeling from yesterday's OM bloody plunge, which fell 90% in just 90 minutes! The worst part is that it happened late at night, and many people had no time to react. However, it is worth noting that the massive drop of 85.56% in the native token OM of MANTRA has led to a 24-hour drop of 44.93% in the RWA sector.
Now back to the BTC market, after a week of slow recovery, it has climbed back to the 84,000 position, but the overall market trend still looks bleak. There is a considerable resistance above that is suppressing it, and the downtrend remains unchanged. So at this moment, we need to be cautious.
Those with long positions in profit may consider taking profits, while those without can consider shorting above 85,000. BTC has been suppressed by this resistance above 85,000 for three days now, and as the saying goes, if it can't rise, it's very likely to fall.
🔻 Data:
Moreover, BTC spot ETF saw a net outflow of 713 million USD last week, with BlackRock's Bitcoin ETF IBIT leading with a weekly net outflow of 342 million USD.
The average repair of BTC over the past six days is related to Trump's announcement to pause tariffs for 90 days, and the declines in ETH and XRP have also narrowed. Although Bitcoin's price has rebounded, CryptoQuant's bull market score index has dropped to 10, the lowest level since November 2022, and this index must break above 40 to indicate sustained bullish momentum.
BTC's current key resistance levels are between 84,000 USD and 96,000 USD. If bullish momentum weakens, Bitcoin's gains may be limited within this price range, similar to past bear market cycles. Therefore, the market still needs to remain vigilant, as the trend of the bull market index depends on whether investor confidence can be reignited.
In simple terms, for BTC to break the deadlock in the short term, it must break through the left-side resistance and surpass the high points. Otherwise, the strong downtrend will make the situation even more bleak.
