$BTC has reached the strong support level of $54000
What's the purpose of the sharp fall in the bull market? It's to break the long position leverage and adjust the support level.
TURNING POINT
$BTC has reached the strong support level of 54000 on the weekly chart. If it breaks through this level, it will truly be a panic. It depends on how many long contracts are still at this level. If there are enough long contracts, it is possible to continue breaking through. Within 24 hours, long positions worth over 5 billion US dollars were liquidated.
The premise for the support to break is to have enough long contracts. All the big data is transparent. It depends on whether the volume of long contracts is large or the volume of short contracts is large. It seems that August is miserable. Many profits have been given back.
Overall, it's uncomfortable. It's hard to make money, and it's hard to eat sh*t. It's time to buy the dips and replenish the margin. In short, just wait for the Fed to cut interest rates.
