Bitcoin Dip Is Just a Build-Up, $70,000 Breakout in Sight!The recent Bitcoin pullback has sparked concerns among many investors, but it's actually just a normal adjustment before the market breaks through the resistance level at $70,000. The correction has been relatively small, and the price has found support near previous highs, indicating that the market remains firmly in an upward trend
Bitcoin Dip Is Just a Build-Up, $70,000 Breakout in Sight!
The recent Bitcoin pullback has sparked concerns among many investors, but it's actually just a normal adjustment before the market breaks through the resistance level at $70,000. The correction has been relatively small, and the price has found support near previous highs, indicating that the market remains firmly in an upward trend.
$70,000 is an integral psychological level, inevitably leading to market consensus. Short-term investors cash out their profits, while short sellers are also likely to enter positions at this level, making the pullback a normal occurrence. Importantly, this rally is different from previous ones, as it has begun to break through previous highs, signifying a new phase for the market.
However, some investors still hold onto the "rally then fall" mentality, attempting to short the market, which is undoubtedly risky. For half a year, the major players have been subtly cultivating the "sell on rally or short" thinking among retail investors, aiming to make them sell, stand by, or even short the market during an upward trend, creating favorable conditions for market manipulation.
During the major player's price manipulation, it is the retail investors' chasing high behavior that drives the market upwards, ultimately achieving their target. Meanwhile, short sellers are even more targeted for "harvesting" by these major players. Once the price rises, short covering, stop losses and liquidations all contribute to further market gains.
The same holds true for market declines. Initially, the decline is slow, but once it breaks below crucial support levels, the decline accelerates, as long position holders are forced to close their positions or liquidate, further driving the price down.
The intentions of the major players are clear, and the market is moving in accordance with their actions. The trend has shifted. Although short-term observation is advisable, shorting is absolutely not recommended.
This article represents personal opinions and does not constitute any investment advice.
Warm reminder: Investing involves risk; please proceed with caution!
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
