Let's talk about today's thoughts!
Bitcoin hit a historical high of 125,000, and I knew there would be a wave of ups and downs. I mentioned in the group that there would be a short-term pullback. Additionally, the evening PPI data was higher than expected, leading to reduced bets on the Fed's interest rate cuts, which caused prices to plummet!
The daily chart for Bitcoin has already formed a bearish engulfing candlestick pattern, with the lowest point reaching around 117,000, returning to the previous starting point! The first short-term support to reference is around 118,200, where there is a high probability of a rebound for correction; a fluctuation of 200 points can be considered!
The second support is still around 116,000, which is a platform support level excluding 111,800. This time, Bitcoin dropped 6% without touching it, and if it really comes down, it's worth trying!
The pressure above is still around 122,000. Even though there was a big drop last night, the ETF is still seeing net inflows, and institutions tend to buy more as prices drop. Recovering from the decline is not impossible, and a fluctuation of 200 points can be considered 🈳!
