The trap finally appears, where will the cryptocurrency market go next?
As I predicted before, Bitcoin fluctuated around $66,000 or $65,000, and then the market laid a trap. The market trend today was quite strong, with the price of Bitcoin once falling to $61,785, successfully falling below the key support level of $62,000. Currently, $60,000 has become a key observation point for Bitcoin. If it falls below this position, the strong support of $58,000 is expected to provide some support. In yesterday's article, I repeatedly reminded everyone that once the price of Bitcoin falls below $62,000, it may trigger a liquidation of more than $900 million in long positions; and if the price rises to $65,000, it may trigger a liquidation of about $500 million in short positions. Single liquidation. Therefore, I have repeatedly recommended not to blindly chase long prices. People who follow this advice basically avoid the risk of being trapped.
As for Ethereum, it fell back from $2,767 in the early morning to $2,556 tonight. Fortunately, the support level of $2,500 performed strongly and stabilized the price. Next, we need to observe whether the pressure level of $2,650 above can be broken. Compared with Bitcoin, Ethereum's market performance is still relatively sluggish, and capital inflows are relatively limited.
