Giant whales are frantically selling off + miners are suffering heavy losses, the death spiral of $BTC is about to be triggered!
The current Bitcoin trend is at a critical turning point. From a technical perspective, although the bullish trend has not been completely destroyed, there is a clear sign of fatigue.
$99,000 is the most important observation point at the moment.
If it can break through, there may be another surge, but it will still pull back to around $83,000 afterwards; if it cannot break through, it may directly test the support level of $74,400.
In either case, May faces a significant risk of deep correction.
On the 4-hour level, it needs to rise to $105,000 to resolve the divergence structure; otherwise, a double center trend divergence will form, inevitably pulling back to the lower track of the $92,300 center. Once it falls below this position and the rebound is weak, it will be an excellent shorting opportunity.
Currently, there are a lot of trapped short positions in the market. The main force may induce these positions to cut losses through high-level fluctuations while attracting bulls to chase high.
This "raise and kill" tactic means that even a half-month sideways movement followed by a sharp drop would not be unexpected.
With interest rate cuts approaching, I plan to publicly lay out a speculative coin next, expecting a 10-fold increase in the short term and potentially a hundred-fold in the long term. The same market conditions, top strategies, follow along to witness everything.
