LIVETo add more context, BTC is still in no man's land. We could see a short-term bounce because there were a lot of liquidations on alts, but before making a move I would wait to see how it reacts at the extremes of the range.
Eyes still on liquidity below $60k.
Movements like this cause a lot of people to lose a lot of money, and I'm not happy about that. That's why I work hard to try to avoid these types of drops and I hope that it can help many people.
Making money is important and there are always opportunities for it, but preserving capital is even more important, because without capital to invest, you cannot make money.
As I said before, at the moment I just wait and watch without making any movement. There may soon be opportunities to buy some alts at good discounts, but not yet.
LIVE$9.5B in BTC options just expired on Deribit. This expiry could increase volatility as market makers, who were previously hedging and maintaining the price within a certain tight range to avoid losses on options, adjust their positions.
The plan is still the same. A range has been formed between $60k and $73k. The liquidity is concentrated just outside the range, both above and below. Right now there's a lot of supply here and the market is overheated (too many longs), so I would think the price is going to test the range low first, and take the liquidity which is below $60k. After that, if price reclaims the range low, we could see a pre-halving run to new highs above the range high, potentially reaching $74k-75k. It will all depend on the interaction at the extremes of the range.
So for now I'm being cautious before adding any more exposure to the market, because if BTC deviates below $60k, which is likely, altcoins might drop 20-30%.
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