What is Bitcoin Good For? We're Back Where We Were!
While everyone was excited when we left the sideways channel a few days ago, most of them were scared when we returned.
Once again, things escalated rapidly due to leveraged position liquidations after Bitcoin lost the 62k level. "According to CoinGlass, approximately $85.93 million in bitcoin liquidations occurred."
It seems like people will never learn...
But look ahead.
Funding rates look healthier now. On the contrary, we haven't seen a strong reaction from the buyers. Accordingly, we are back in our sideways channel — stuck between 57k and 61/62k. Glad I haven't erased the lines on my chart yet 😅
Today we have NVIDIA reporting and they are expected to post some record numbers. This will certainly spark a relief rally and could liquidate a ton of short positions that have built up.
