🚨 \$BTC TC just plunged to \$116,000, wiping out the support cluster at \$117,700. The next key level is \$114,600 — and if that doesn't hold, we could fall even further from the all-time high (ATH) 📉. Despite the drop, open interest on \$BTC and \#ETH🔥🔥🔥🔥🔥🔥 remains extremely high. Traders 🐹 are holding onto their long positions, showing strong conviction — even though many are likely sitting on losses‼️
We’re closely monitoring the situation 👀. There’s a strong temptation to open another short position, but entering too close to ATH may not be wise‼️
🚨 One big issue now is the massive surplus — around 400,000 BTC‼️ For the market to stabilize, someone has to absorb that supply. Surprisingly, the average exit price for spot BTC is near \$114,000 — not \$120,000 as previously thought. That suggests selling happened earlier than expected‼️
So why did the price shoot up so high? Possibly just to facilitate this massive sell-off. To truly rebalance the market, prices may need to fall to around \$103,000 😱. That could be the point of stabilization if the slide continues 🛩.
🚨 Given this setup, we may finally see the kind of shakeout I’ve been waiting for — like Mad Max, but in reverse 📉.
Smash that like 👍 if you’re watching the \$BTC dump.
Have a bearish day 🐻
❤️ #CPIWatch #CryptoMark 
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