10.11 Bitcoin fell below 60,000 in an instant and then came back! Is the upward trend back?
Yesterday morning, Bitcoin still had a rebound trend. After a two-stage rebound, the price reached a high of around 61,300. Then in the afternoon, the price began to fall and continued to fall until last night.
After that, the price began to try to test the key bottom support position, which is the position of 60,000, and then rebounded a little. In the early morning of today, the price directly fell below the position of 60,000. Because the key position was broken, the price fell like a waterfall, and the lowest price fell to 58,900.
Then the price started to rebound again, and the current price rebounded back to above 60,000. The current price is around 60,600. Seeing that the price fell so quickly, everyone might think that the plunge trend is coming, but the price came back in a blink of an eye. Is it possible that it is a market for liquidating longs?
A few days ago, both long and short positions exploded, and then this wave of rapid decline in the early morning liquidated 135 million US dollars, and the main explosions were long orders.
Obviously, it is beneficial for the price to rise after clearing the long orders, but the price has just fallen below the key support of 60,000, so I dare not easily think so. It is not good for me to go bullish now. In addition, the 60,000 position fell quite quickly.
But if the price can continue to rebound today and break through the previous high point, as shown in the figure, it is around 61,300, and return to this point, then I think there is still a chance of rising in the future, at least we can see the previous higher high point, which is around 64,000.
