๐จ \$BTC TC just plunged to \$116,000, wiping out the support cluster at \$117,700. The next key level is \$114,600 โ and if that doesn't hold, we could fall even further from the all-time high (ATH) ๐. Despite the drop, open interest on \$BTC and \#ETH๐ฅ๐ฅ๐ฅ๐ฅ๐ฅ๐ฅ remains extremely high. Traders ๐น are holding onto their long positions, showing strong conviction โ even though many are likely sitting on lossesโผ๏ธ
Weโre closely monitoring the situation ๐. Thereโs a strong temptation to open another short position, but entering too close to ATH may not be wiseโผ๏ธ
๐จ One big issue now is the massive surplus โ around 400,000 BTCโผ๏ธ For the market to stabilize, someone has to absorb that supply. Surprisingly, the average exit price for spot BTC is near \$114,000 โ not \$120,000 as previously thought. That suggests selling happened earlier than expectedโผ๏ธ
So why did the price shoot up so high? Possibly just to facilitate this massive sell-off. To truly rebalance the market, prices may need to fall to around \$103,000 ๐ฑ. That could be the point of stabilization if the slide continues ๐ฉ.
๐จ Given this setup, we may finally see the kind of shakeout Iโve been waiting for โ like Mad Max, but in reverse ๐.
Smash that like ๐ if youโre watching the \$BTC dump.
Have a bearish day ๐ป
โค๏ธ #CPIWatch #CryptoMark 
atch #BTC 120kVs125kToday BTC120kVs125kToday BitcoinResistance CryptoMarket BTCBreakout BitcoinNews TradingView CryptoTechnicalAnalysis Binance
