It's the weekend, and the broader market is moving sideways in a tight range. The $80,000 level has been getting tugged back and forth over and over, with almost a full week spent grinding here. It can't break higher or fall lower, like a big guy stuck in a small doorway, wriggling repeatedly.
Over the past 30 days, it has risen 25%, beating a group of shorts into disarray. But at this crucial $80,000 level, both bulls and bears have become cautious. Why? Because above us sits more than 800,000 BTC in trapped positions. Those are the brothers who were standing guard at the top last year, admiring the view. Their resolve to get out and run once they break even is as hard as anyone's.
Right now, the Fear and Greed Index has reached 75, and the market has already entered greed territory, but funding rates are not exaggerated. That means people are only shouting that the bull market is here, while their actions honestly still show they are waiting on the sidelines.
The key upcoming event is the Federal Reserve meeting on September 6.
The market is basically betting on whether there will be a rate hike or not, with both sides placing their bets. This is exactly when price spikes are most likely to happen, so don't overuse leverage. Being able to sleep well is far more important than making a bit more profit.
Markets always rise amid hesitation and collapse amid frenzy. Right now we are still in the hesitation phase, and the real frenzy is still far away.
So is the $80,000 level building momentum or forming a top? I've drawn a few key levels in my chatroom. If you're interested, come in and discuss how to position for what's next. Click my avatar to enter my chatroom.
#BTC触及80000美元 #BiananceSquare
Over the past 30 days, it has risen 25%, beating a group of shorts into disarray. But at this crucial $80,000 level, both bulls and bears have become cautious. Why? Because above us sits more than 800,000 BTC in trapped positions. Those are the brothers who were standing guard at the top last year, admiring the view. Their resolve to get out and run once they break even is as hard as anyone's.
Right now, the Fear and Greed Index has reached 75, and the market has already entered greed territory, but funding rates are not exaggerated. That means people are only shouting that the bull market is here, while their actions honestly still show they are waiting on the sidelines.
The key upcoming event is the Federal Reserve meeting on September 6.
The market is basically betting on whether there will be a rate hike or not, with both sides placing their bets. This is exactly when price spikes are most likely to happen, so don't overuse leverage. Being able to sleep well is far more important than making a bit more profit.
Markets always rise amid hesitation and collapse amid frenzy. Right now we are still in the hesitation phase, and the real frenzy is still far away.
So is the $80,000 level building momentum or forming a top? I've drawn a few key levels in my chatroom. If you're interested, come in and discuss how to position for what's next. Click my avatar to enter my chatroom.
#BTC触及80000美元 #BiananceSquare
