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BTC Daily Market Analysis
Past 24 hours liquidation data from CoinGlass:
A total of 142.8k traders were liquidated, with a total of $351.19 million (62% long positions / 38% short positions). For these retail traders who are forcing their way in, it’s another predictable meat grinder market.
Chart Analysis:
From the 12-hour timeframe, the attempts to break upward and stabilize were indeed suppressed, with bears directly smashing the market downward. Bitcoin is now beginning to show a clear downward momentum and is testing the support level at $65,935 with strong capacity. As discussed before, market makers must sweep the liquidity below, and now is the perfect time.
My View:
The most probable scenario is testing the bottom range, and the chance of breaking below is very high. We’ve been stuck in this boring sideways range for too long, and the bulls are completely exhausted. Once $65,935 is broken, the next support is at the $62,857 zone. I expect a violent sell-off to wipe out stop-losses at the local bottom. Currently, I am only shorting, not going long!