With only two days left for Christmas one thing is almost certain to me. $BTC is gonna bleed for a couple of weeks. May be to 78k or 83k. Several factors point to it.
I would stay unbiased by saying that I don't hold a short position for Bitcoin yet.
1. $BTC chart overbought in weekly and monthly timeframe
2. FEDs hawkish interest rate intention in 2025
3. Bitcoin history in the previous bull runs. After making an ath it ends to undergo a correction lasting weeks.
4. All major alts overbought in monthly timeframe.
5. Fear and greed index still in greed
6. Whales wanting to get better long positions anticipating a rally upwards
7. Futures gap at 78k and btc always fills the remaining gaps.
8. Trump's inauguration and the drama surrounding it. This coupled with no major political statement by any elected stalwart.
9. People cashing in before Christmas and new year.
10. Low volume and market cap of entire crypto market than a month ago.
My assessment may be wrong or maybe don't have the entire information. If anyone thinks otherwise or has a solid argument please do share with me. Better to be educated than stay in the dark. Maybe I am missing something.
DYOR and trade wisely.
