Is the recent rebound at $BTC a trap for bulls or a real bull market?
The price of Bitcoin has rebounded to 107,400 USD, dropping to a low of 105,000 before bouncing back, gaining 3,800 USD, indicating that the bulls are still struggling. There are three main reasons:
First, the 105,000 position itself has technical support, acting like a floor;
Second, non-farm payroll data is set to be released on Thursday, and the market generally anticipates positive news, boosting the bulls' morale;
Third, the Bitcoin ETF proposal is expected to receive final approval on Friday; if it passes, there will definitely be some short-term speculation.
But don’t be fooled by this rebound! Right now, it’s all news-driven without sustained major capital buying, so it can't push up to 110,000. I'm closely watching two positions: the upper level of 109,300 USD is where short positions are likely to be liquidated and where trapped positions are clustered, so I recommend placing short orders between 108,500 and 109,300. If considering long positions, wait for a drop to 104,688 to 103,688; this slight pullback is not significant enough.
Final reminder: If this wave of positive news can't push the price above 109,000, a sharp drop is certain! The overall trend is still bearish, and this kind of rebound is a trap for bulls, so don't chase the rise and don’t become a bag holder!
Listening to Sister Xin's words is like hearing a profound truth. But it will definitely allow you the freedom to enjoy the fruits of your labor!
