Tonight's independent market for Bitcoin has left both bulls and bears confused
Actually, I think it's quite understandable
Recently, many people should have noticed a term: the US Dollar Index; the sharp decline of the US Dollar Index + the decline of the US stock market has led to panic selling in the dollar market
Some safe-haven funds have flowed out, with some moving to the gold market, driving gold to continue rising, and a small part flowing to BTC, leading to tonight's independent rise of Bitcoin
Careful friends should have noticed that the US stock market actually opened low and continued to decline tonight. In the past, when such a situation occurred, Bitcoin would not just crash, but it was absolutely impossible for it to rise against the trend. However, today Bitcoin did rise against the trend, which confirmed my speculation
Safe-haven funds entering the crypto market will not choose altcoins, so altcoins basically have no significant upward movement, which also proves that this portion of funds is aimed at Bitcoin as a safe haven rather than real liquidity funds
In other words, assuming the US Dollar Index + the US stock market continues to plummet, then more safe-haven funds will flow into Bitcoin. However, from the fundamentals and technical aspects of Bitcoin itself, the range of 88500-89100 is indeed a turning point for bulls and bears, and a large amount of sell orders have accumulated here. So after Bitcoin rises to this point, it will create a significant stagnation in growth, or say a divergence between bulls and bears, leading to a tug-of-war and volatile situation in the market
So next: pay close attention to the US Dollar Index and the US stock market situation. If it continues to plummet, then Bitcoin breaking 89100 is just a matter of time. Conversely, if Bitcoin cannot use this wave to break through, then this position will have a greater resistance point
Therefore, at present, this position can no longer be simply viewed using technical indicators. But regardless of the outcome, this is a position where I must short. Of course, I will not short Bitcoin, but rather short altcoins. If it breaks, I can stop-loss, it won't have much impact!
Similarly, for retail investors going long on altcoins, the same advice applies: do not FOMO too much. Safe-haven funds do not equal the Federal Reserve’s waterproof liquidity; the seasonal altcoin market is far from being driven by this amount of safe-haven funds. I'm actually worried that we might see another scenario where Bitcoin rises independently and siphons off from altcoins
Tonight's short position may be the last short position for the group. After completing this order, brothers should start accumulating long positions at lower prices 🤗🤗$BTC
