Currently, the price of Bitcoin is hovering around $100,000 with no trading volume to speak of; it's still the whales who are most comfortable, holding their scythes, waiting to make money by nurturing the retail investors before they start harvesting! After the recent spike and drop, they've been busy distributing profits and throwing yacht parties, not focusing on trading at all. Thus, relying on retail trading in the market is an illusion!
At certain stages, international gold is manipulated by large players, let alone the crypto market, which is even more absurdly manipulated! It can drop significantly or rise sharply; after all, policies and market sentiment determine the trends. However, the extreme fluctuations in such a short time frame are just ridiculous!
Just a couple of days ago, I was saying to wait for a big drop, but the price first rose to liquidate short positions, and then directly spiked to liquidate long positions, literally a spike where exchanges pulled the plug! My entrusted profitable orders have taken profit, but some users reported that they didn't get taken profit at the expected price, which is malicious manipulation by the exchanges. You may understand this, but there's nothing you can do; this is not your home ground! Therefore, I always say, once you understand the essence of trading, the more you dislike it!
Back to the upcoming market trend for Bitcoin, holding the $100,000 level is not good news for bears. If the short positions are too large, it is very normal for Bitcoin to rise to $105,000 or even higher. As it stands, the probability of that is low, especially since they've already learned the lesson from the previous spike. However, at this position, enticing longs is more cost-effective; one must not be careless! The rise can be 3,000 or 5,000 points, but the drop could very likely be 10,000 points or even more!
The bears are feeling apprehensive, while the bulls are also hesitant. The whales are just waiting for the market to give them the long and short data before they take their next steps. So, do you think technical indicators are useful? It’s better to lightly position yourself and bet on its direction, as that's more realistic!
It has risen for several months now, and even if it rises again, it should correct before going up again. Therefore, shorting at high points and managing light positions properly increases the likelihood of short-term profits. Pursuing high points at this stage is the least cost-effective thing to do; do not pick sesame seeds and lose watermelons.
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