While BTC price is down the market is very optimistic that this is just a Long/short sweep and next will be a strong rally!
Today BTC has gone from 62k8 to 64k, further strengthening the belief.
This morning, many people placed Long orders and now there is no way out. Many people wrote articles with the title BTC has cleared the 62k8 area and will next increase to 68k. When I saw this, I advised some of you to close your orders.
If we look at the 1w price chart we can see that last week BTC only increased by 3%, 4% less than 2 weeks ago. This is a chart of a strong decrease or increase.
BTC wants to increase so there needs to be a catalyst. This is not there. So this is a bearish chart and will continue to decrease this week until there is a catalyst to affect the price.
The second thing is that BTC has increased continuously for 3w, it is very difficult to increase for another 1w.
Today BTC's return to the 64k area is just a small fish trap. Whales are no strangers to this game 😅😅
