Bitcoin collapsed📉
And so what was inevitably going to happen happened. Classic profit fixing on a bull trap on Friday. Bitcoin optimists spent the weekend in a cold sweat wondering what was wrong and why things were not going according to plan. On the contrary, everything is going exactly according to plan... the plan to fall to $53,000.
Nevertheless, I categorically forbid you to enter the market now, especially to sell, because always after a sharp fall there is a local pullback upwards from those who like to catch knives on such sudden falls. One such catcher can be seen on a minute #BTC chart when there is a lone upward spike after a sharp drop. The optimist thought he hit the jackpot and caught the bottom. In the end he caught the liquidation and the price went down further....
So what's going on? Other than the obvious profit taking by the big players on the liquidation of optimists. First of all, such a HUGE AMOUNT of liquidation has accumulated around $50,000 that this level simply magnets🧲 the price. Secondly, according to #CryptoQuant data, there was a drastic increase in available BTC on OTC exchanges. Let me remind you that #OTC is an off-exchange trade, and OTC desks are trading platforms where transactions with cryptocurrencies and other assets take place directly between two sides without the participation of brokers and exchanges. This allows for large trades to take place without negatively impacting market prices.
And to top it all off, I will personally add that looking on the instantaneous growth of the Fear & Greed Index and the growth of memcoins and other garbage, it is obvious that the lesson of pain has not been learned yet. Well... waiting for the Fear Index below 40 and #Bitcoin at 53k then maybe the fall will stop...
The image is my chart from May 4, which I didn't change so you can see how it's performing...
