Bitcoin has broken a crucial support level of around $56,500, now heading towards $54,400. 📉 A further drop might be imminent if it doesn't reclaim this support soon.
BTC needs to hold this important support level to avoid more downside pressure.
BTC is trading at $61,500, nearing a critical support level at $60,000. We have a rising trendline, the 200 EMA, and the lower trendline of this expanding triangle also acting as support.
After 7 consecutive days of outflows in Bitcoin ETFs, yesterday saw $31 million in inflows, which is positive for bulls.
In the long term, I am bullish on BTC. We may see some short-term corrections in price, potentially down to $54,000 in the worst case, but that will be the best time to buy BTC.
The funding rate is negative at -0.11%, which is a positive sign for bulls.
We’re witnessing a significant net outflow of around $140 million from Bitcoin ETFs. Investors are pulling their funds, prompting major providers like Fidelity to sell off Bitcoin to meet these withdrawals in USD. 📉
As I’ve been highlighting daily, this trend has persisted for the past 1-2 weeks. Expect short-term selling pressure and market fluctuations as a result. 📊
Stay informed and stay ahead. Follow for more updates! 🔔 #Bitcoin❗ #Crypto
Bitcoin is holding above the lower support trendline of an ascending triangle, hinting at a potential bounce. This is a crucial level BTC must maintain.
A breakout above the triangle would confirm a bullish trend. The Ichimoku Cloud is also providing strong support, adding to the bullish momentum.
However, a breakdown below this support trendline could signal a bearish trend.
Today's CPI inflation numbers drop at 12:30 PM GMT! 🌍 Current market expectation: 3.4% YoY.
Here's the scoop: 🔸 If inflation is below expectations (3% or 3.1%), it’s bullish! 🐂 🔸 If inflation is above expectations (3.6% or 3.7%), it’s bearish! 🐻
Why does this matter? The Fed's response: 👇 Lower inflation = potential rate cuts = 🔥 for the markets! 👆 Higher inflation = prolonged high rates = 🚨 caution! Stay tuned and trade wisely! 💹💡
Trading Options: Trade STRK in both spot and futures markets. Purchase on the spot market or go long on futures with a stop-loss at $6.07. Leverage: 3X to 5X.