On the first day of October, BTC surprised many. The correction continues. From yesterday’s significant drop, it’s clear that a large amount of capital is pulling out. It seems the big players sold near $66,000 but didn’t reach $68,000 to maximize profits, causing some retail investors to bail out early. I mentioned that the first support level at $64,000 wouldn’t hold, and now that it’s broken, the price is likely to drop further. However, the $62,000 level should provide solid support. If it pulls back to this level, we may see a move upward again.
The market makers have been planning this for a while, and if they push the price too low, it will take too long to rebuild momentum. Time isn’t on their side, and retail traders, especially from China, are getting impatient. Recently, the surge in China’s stock market has pulled some funds away from crypto. After the interest rate cuts, though, money will likely flow back into BTC. To keep funds in the crypto market, prices need to go up again, which will attract more investors who are looking for profit.
Many large investors who moved their money to the U.S. for interest returns are smart. To win them back, we need more supportive policies. We’ll probably see more incentives in the future that favor the system.
Looking at the monthly chart, last month’s strong bullish trend showed that funds entered the market around the $52,000 to $58,000 range. However, the real buying started much earlier, between $15,000 and $30,000. Experienced investors have been in for a while now, and a major drop (28-40%) is still expected. Although we haven’t seen this yet in the current bull market, it’s likely to happen around January.
In the short-term 4-hour chart, there’s no sign of a major sell-off#Write2Earn! #BTC☀ #writetowin #bitcoin☀️ #Write2Earn!
