$BTC Bitcoin is currently experiencing a 4-hour rebound, with resistance levels at 84000 and 87000. I had a short order at 73788 but missed it by 5 points, which is a bit unfortunate. Tonight, there will be CPI data; if it’s favorable, it presents an opportunity for short sellers to enter the market. The 86000-88000 range is a very solid area for short selling.
When it comes to Bitcoin, there are two key points to understand, which will clarify whether to go long or short.
1. Major Wall Street institutions like MicroStrategy and BlackRock have a BTC cost basis around 66000. Therefore, with the expectation of interest rate cuts, the closer we get to this price, the more confident one can be in buying low and going long. The two most important support levels below are 77000 (the lifeline of a bull market) and 73000 (the point from which it started to rise last year), which is the strongest support before any interest rate cuts.
2. The 90000-100000 range is where large institutions are offloading Bitcoin, with the unloading period lasting up to 3 months. The resistance at 89000 is significant, and positioning long-term short orders in the 86000-88000 range is relatively cost-effective because many trapped institutions will place sell orders above, pushing the price down. It will be challenging to break through without clear signals of interest rate cuts or a halt in tariffs.
Currently, I still do not recommend going long on any altcoins. Mainstream altcoins such as ADA, XRP, DOGE, etc., should be shorted in accordance with the corresponding BTC shorting ranges, as they are likely to yield profits in the long run.
