Institutions are madly buying, but the technical indicators are flashing red. Is the $BTC wave a breakthrough or a trap?
BlackRock's IBIT has raised another 1.3 billion today, and MicroStrategy's 63 billion dollar holdings weigh heavily on short sellers. However, on-chain data shows that spot trading volume has shrunk to 5 billion dollars, indicating that retail investors are on the sidelines while institutions are quietly accumulating.
Currently, the one-hour K-line of BTC has formed a small bullish candle with a long lower shadow, indicating that funds are firmly supporting the key support level of 115736. The resistance level above at 120000 has seen the bulls attempt to charge twice without establishing a foothold, typical of a phase of oscillation choosing a direction.
Now, the market has two favorable factors on the left: the approval of the SOL ETF and the Federal Reserve's interest rate cut, while on the right, there is the abyss of geopolitical and regulatory uncertainties. Personally, I tend to think we will first pull back to the 117049 MA50 support level before making another high.
Currently, the long-short ratio is 1.36, and the market is still predominantly bullish. But don't forget that those altcoins around ETH are dragging their feet. If BTC can't hold up, it may have to come back and test the support near the historical low of 115475.
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