#70000
70000
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BTC just broke below 70k.
It dipped down to around 70,600. Over the last 4 hours, it dropped all the way from 74k without a decent bounce in between.
The reason for this drop, from what I see, is a bit different from before. It’s not macroeconomic chaos, nor a regulatory black swan; it’s an internal structural issue with the exchange.
In the past five weeks, Binance's Bitcoin reserves increased by 5.1%, rising from 617,000 to 648,000 BTC. Meanwhile, USDT and USDC combined saw a decrease of $3.87 billion.
On one side, selling pressure is piling up, while buying power is shrinking. You don’t need me to tell you which way the supply-demand balance is tipping.
Another detail: Strategy sold 32 BTC last week for $2.5 million, marking their first sale in four years. It’s not a huge amount, but it carries significant symbolic weight. The most steadfast bulls in the market, the ones who’ve been saying “never selling” for four years, are loosening their grip. Within 16 hours of the news breaking, BTC dropped by 4.23%, with a market cap evaporating by $62.6 billion.
Technically, 70,000 is the last psychological support level. The RSI has already crashed down to 25, deeply oversold. In the past, such a position often corresponds to a short-term rebound. But this time, I’m not sure if it will bounce back or how high it might go.
Some are asking, “Is it time to scoop some up?” My take: let’s first see if 70,000 can hold. If it can’t, the next stop is 65,000.
No need to rush. The bottom isn’t something you grab; it’s something you wait for.
#BTC #70000 #支撑位
It dipped down to around 70,600. Over the last 4 hours, it dropped all the way from 74k without a decent bounce in between.
The reason for this drop, from what I see, is a bit different from before. It’s not macroeconomic chaos, nor a regulatory black swan; it’s an internal structural issue with the exchange.
In the past five weeks, Binance's Bitcoin reserves increased by 5.1%, rising from 617,000 to 648,000 BTC. Meanwhile, USDT and USDC combined saw a decrease of $3.87 billion.
On one side, selling pressure is piling up, while buying power is shrinking. You don’t need me to tell you which way the supply-demand balance is tipping.
Another detail: Strategy sold 32 BTC last week for $2.5 million, marking their first sale in four years. It’s not a huge amount, but it carries significant symbolic weight. The most steadfast bulls in the market, the ones who’ve been saying “never selling” for four years, are loosening their grip. Within 16 hours of the news breaking, BTC dropped by 4.23%, with a market cap evaporating by $62.6 billion.
Technically, 70,000 is the last psychological support level. The RSI has already crashed down to 25, deeply oversold. In the past, such a position often corresponds to a short-term rebound. But this time, I’m not sure if it will bounce back or how high it might go.
Some are asking, “Is it time to scoop some up?” My take: let’s first see if 70,000 can hold. If it can’t, the next stop is 65,000.
No need to rush. The bottom isn’t something you grab; it’s something you wait for.
#BTC #70000 #支撑位
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