Bitcoin surges to $70,000 will liquidate $800 million

Breaking through $65,000, the next step is $70,000. The current Bitcoin will soon break through resistance and rise to $6.70,000. I am bullish this week. But the long-term trend remains bearish

If BTC cannot break through $6.50,000, it may confirm a bearish divergence, leading to more downward pressure in the coming weeks.

The hidden bearish divergence complicates the situation. This pattern occurs when the price forms a lower high, but the RSI (Relative Strength Index) shows a higher high. Although a red candle has appeared on the chart, confirming the divergence, it is too early to tell whether it will lead to a larger downtrend.  

The key turning point is that the United States will release the final value of the second quarter GDP data at 8:30 pm on Thursday

The United States will release the August PCE data, one of the inflation indicators, at 8:30 pm on Friday.

If the data is released and Bitcoin can quickly break through $64,500, this bearish divergence may be invalidated. However, if the price does not break through this resistance level within a week, the bearish divergence will increase, leading to a short-term downward trend.

Whether it is rising or falling

After the interest rate cut, there will be a lot of retail funds flowing into the crypto market, and the Chinese government has already allocated 500 billion yuan for layout. After the panic is over, the big cake and the cottage will continue to strengthen. A small part of the cottage is at the bottom, and there are few opportunities for ambush. The position can be increased to more than 50%. Just choose a strong currency and hold it.

Give priority to popular cottages, such as saga, sui, wif, bome fet, etc.

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