What is Bitcoin Good For? We're Back Where We Were!
While everyone was excited when we left the sideways channel a few days ago, most of them were scared when we went back in.
Once again, things escalated quickly due to leveraged liquidations after Bitcoin lost 62k. "According to CoinGlass, about $85.93 million in bitcoin liquidations occurred."
It seems like people will never learn...
However, let's look ahead.
Funding rates look healthier now. Conversely, we haven't seen a strong reaction from buyers yet. As such, we're back in our sideways channel — stuck between 57k and 61/62k. Glad I haven't erased the lines on my charts yet 😅
Today, we have NVIDIA reporting and they're expected to post some record numbers. This will certainly spur a relief rally and could liquidate tons of accumulated shorts.
