It's crazy! My heart's racing right now! Today’s crypto scene is intense—I haven’t seen the market this exciting in a while. Bitcoin just made a huge upward move, leaving many people in shock. Some regret missing out, while others were liquidated and are feeling the pain.
Looking at the daily chart, Bitcoin is facing resistance around 66,400, with support at 65,000 and 64,500 below. It seems like the market is set to keep rising.
Originally, I thought that with the military drills happening in the East, tensions between North Korea, South Korea, and the U.S., and the uncertainty in Asia, investors would take a step back, and the market would move sideways or drop a bit.
But my guess was totally off! It seems like this surge might have been triggered by traders from the East. After profiting from the stock market, they probably jumped into crypto, driving the price up without even pulling back. Now, the downward pressure has eased, and the goal seems to be to create a hype so that those who missed out will want to jump in. Even if there's a small retracement or sideways movement today, the buying power is still strong. If the market keeps rising over the next few days, retail investors will likely rush in, giving the big players a chance to offload their holdings and cash in.
It looks like the cost of the military exercises in the East might end up being paid by retail investors in the crypto market. However, in the bigger picture, this market still has room to grow. We’re in the middle of the uptrend, and the danger zone isn’t until around $70,000. Right now, at $66,000 to $65,000, there are still plenty of shorts in play, so this uptrend isn’t over yet. It's risky to short Bitcoin now.
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