June 23 BTC Trading Insights

BTC fell sharply last night due to news of the blockade of the Strait of Hormuz, crashing below the strong support level of 100800 in the middle of the night, hitting a low of around 98000, but then rebounded sharply after the oversell.

Currently, although there are signs of recovery, the recent escalation of war situations has kept market sentiment low. If there is another round of news that triggers a sell-off and breaks below the 100000 mark, the bearish trend will extend even further.

During the day, first pay attention to the strong resistance area at 102200. Caution is advised when chasing long positions until this level is broken and stabilized. The main strategy should focus on short positions, and one can consider placing a short near 101800, looking down at the two levels of 99500 and 98000.