Can Bitcoin reach 110,000 again?
Tonight is another day dominated by data in the market. There are always some who think economic data is unimportant, but reality keeps proving them wrong—today's market is like a startled bird, with every data point capable of stirring waves.
Looking back to before the CPI was announced on the 13th, the market was in a persistent decline, and the bears were celebrating with champagne in advance. As a result, after the data met expectations, the market immediately staged a dramatic comeback.
Today's PPI data has pressed the pause button on the market, with both bulls and bears holding their breath for the next signal.
I personally believe that $BTC is about to enter a period of volatility.
Currently, the market shows no catalyst from news, and it simply cannot break through the key level of 110,000. Many early buyers are likely to sell at this price and wait to buy in at lower prices.
From the daily liquidation map, the bears need to outweigh the bulls. In the short term, it’s hard to predict the direction; it may first test the 102,500-100,800 level before rebounding.
The specific market trend is very tense. As long as the market does not break the 100,000 level, the strategy can primarily be to buy on lows. If it breaks below 100,000, it will form an M-top pattern on the 4-hour chart.
If you are confused, feel free to reach out to me!!!
