Attention, crypto traders! 📢 (BTC) is showing signs of a potential fake out, according to a closely followed trader known as The Flow Horse. Here's what you need to know:
1. **False Bullish Signals**: The current Bitcoin structure has everyone focused on a breakout, but it might be setting up a trap. The trader warns that this type of setup often leads to a sudden move downward. 📉
2. **Halving Event Risk**: As we approach the April 19th halving event (when miners' rewards are cut in half), the risk increases. The trader suggests reducing risk temporarily. 🛑
3. **Market Capital**: Funding rates are struggling to heat up again, indicating insufficient capital at these levels to sustain continuous buying. 📊**Bitcoin Price**: Currently trading at $68,750, down nearly 2% in the last 24 hours.
**Solana-based WIF (dogwifhat)**: Expect a potential bottoming in the summer. 🌞
- **Dogecoin (#doge #)**: Could hit at least $0.50 this cycle, signaling a possible market top. 🚀
Remember, always do your due diligence and trade responsibly. Stay informed and protect your investments! 💪
#bitcoin☀️ #Bitcoinarena #BitcoinBeliever

Considering the current market environment, there is a high possibility of a drop in the short term, so if you aim for a short, you can win.
If you look at the daily announcements of indicators and the trends of the US government, you can see what the future holds for Bitcoin, so let's take a look together.
Factors of the drop:
1. CPI (Consumer Price Index) announcement
The recently announced US CPI did not indicate a progression of deflation, which was a positive for the Bitcoin market, but expectations of a significant interest rate cut have greatly receded.
This is a negative factor for risk assets such as Bitcoin.
Expectations of an interest rate cut make it easier for funds to flow into the stock and virtual currency markets, but as expectations fade, it is expected that the upside will be heavy.
2. Impact of retail sales:
In addition, US retail sales exceeded expectations at 0.3%, which had a positive impact on the market in the short term.
However, this suggests that the US economy is strong, reducing the likelihood of further significant rate cuts, so upward pressure on Bitcoin is limited.
3. US government transfer of BTC to Coinbase:
News that the US government has transferred 10,000 BTC to Coinbase has spread in the market, raising concerns about selling.
This could have a negative impact on investor sentiment, as government-related BTC sales have affected prices in the past.
If this concern about selling becomes a reality, there is a risk that the price of Bitcoin will temporarily fall significantly, so investors need to be vigilant.
Given these three factors,
At present, despite the favorable factors, the direction of US monetary policy and the government's large BTC movements are weighing on the Bitcoin market.
In the medium to long term, economic stability and strong demand for Bitcoin will provide support and may lead to an uptrend again, so keep a downward perspective in the short term and an upward perspective in the long term.
``4-hour chart''
It can be confirmed that a clear downward trend is continuing.
The $56,086 line is shown as an important support.
If it reaches this level again, it may rebound, but since the current downward pressure is strong, if it breaks this support line, further declines are expected.
In the short term, it will continue to be bearish until it breaks the downtrend line, and it is expected to move to test the support of $56,086 again.
『1-hour chart』
The overall downtrend can also be seen on the 1-hour chart.
The area around $56,700 is acting as a short-term support.
This level may show a one-time rebound, but if the downtrend continues, it may break this line and further downward pressure will be added.
In the short term, it is likely that the movement to test the downtrend line again will continue, and the support around $57,000 will be tested again.
[Entry point]
📉 Short from $58,500
Take profit target: Around $57,000
Stop loss target: Around $59,000
#BTC☀ #BitcoinBeliever #LowestCPI2021 #MarketDownturn