There have been many cases in history where significant positive news is followed by a period of sideways movement and then a major downturn. For example, Elon Musk announced that Tesla purchased BTC, or when major figures mentioned blockchain, or recently when Trump announced various mainstream assets would become national reserves on his media over the weekend.
Actually, these events are not easy to judge whether one should sell the news during a bull market. Some of these are positive news with sustained release, and this time Powell released a good signal for interest rate cuts, which can also be interpreted as ongoing positive news paving the way for a rate cut in September.
However, now that the price has actually come down, one should consider the possibility of a major peak, especially at turning points where good news initially drives prices to new highs before reversing back down, indicating a shift from optimism to pessimism, which should prompt a look into whether a deep correction is coming.
Looking at the hourly chart, that resistance level above is like a brick wall; every time there is an upward push, it gets pushed back down, and the candlesticks have long upper shadows, indicating that bears are quietly gathering strength. Hesitating for just a second now might be the root cause of regret later — trends do not wait for those who hesitate, and when the drop actually happens, it won't be in the same rhythm as it is now.
