$BTC Right now, the most headache-inducing issue is that the bulls are running out of money, what to do?
The total amount of contracts is about to soar to $41 billion, which is quite astonishing.
When it comes to whether the price will rise first and then fall back down, everyone is really at a loss. But looking at the current price, caution is still warranted, as there are particularly many bears; if you dare to be bullish, you might get criticized harshly.
Everyone is watching the key point of 70,000, which is the psychological barrier for everyone. If the contracts break through this level, it’s very likely they want to attract more people to speculate. However, if it surpasses 70,000 and does not face a fierce bear counterattack like last October, it indicates that the current bears are much weaker than they were at 32,000.
The upward push of the contracts aims to use the buy orders from short squeezes and stop-losses as a stepping stone for their escape. Currently, it seems that above 70,000, the bear money is only 2 billion, while the bull money below is nearly 12 billion; the gap is just too large. The bulls clearly hold the upper hand, but at this price, it really isn’t a good time to enter the market.
If the position of 70,000 can stabilize for a while and consume some contract money, that would be very healthy. But if from here everyone is eager to buy, leading the price and total amount to keep rising, trouble is bound to come, and it’s likely the bulls will be the ones in trouble.
So just looking bearish is definitely not enough, but blindly chasing after rising prices is even more foolish. So when can one chase the rise? Either wait for the price to drop a bit, or wait for this week for the price to oscillate around 70,000, with the weekly line firmly above 70,000.
When can one look bearish? If the price truly falls below 67,500, then it’s time to seriously consider going bearish. If that happens, it would be a major drop combined with divergence, which could be quite powerful!
Recently, I plan to find some potential coins to hold until the end of the year, expecting a space of more than 10 times is not a problem; if you want to keep up, like + leave a message, and share voluntarily.
