Real-time Bitcoin price: 88900
Yesterday afternoon, Bitcoin experienced a short-term pullback to around $80,000, with a slight sense of panic, but then started to surge again in the evening, reaching $89,530 this morning, very close to $90,000.
Ten days ago, many people would have thought that Bitcoin would rise to $70,000 in the short term, or touch the previous high of $73,000, and when Bitcoin broke through $75,000, I thought it was likely to be a short squeeze, and touching $80,000 would start to fluctuate.
However, no one could have imagined that Bitcoin would surge from $68,000 to $90,000 in just one week.
From a technical perspective, Bitcoin's daily chart shows two consecutive days of high volume, and this position is difficult to directly fall, at most it will fluctuate sideways, but no matter how it fluctuates, it will be difficult for the short side to make a significant profit, according to the habits of the whales, as long as it is a short squeeze situation, and the top appears during the day, the probability is that this top is a false top, and there will be a second breakthrough.
Why is the top during the day a false top?
Because the habit of European and American traders is that as long as the top is at night, the probability of it being the top is high, while the tops during the day are mostly to give the retail investors in the Asian time zone time and space to short (leverage short).
In simple terms, the top during the day is aimed at the Asian market, they are not afraid of you selling, because I will still pull it up, and not afraid of you shorting, because I will still pull it up.
Of course, if you want to try a short hedge, this position is a key level, you can try, this is also reasonable.
My own approach: no matter what, I won't do a large short position recently, I will try a small position. I will consider selling the spot, even if I know it may still rise, but the short-term low buy high sell profit, the short-term position must be secured, continue to wait and see in the long run.
The sudden and violent rise of Bitcoin is in line with my expectations. Because in the previous few months of sideways consolidation, I have repeatedly said in my articles that the reason for the sideways or downward trend is not that the bear market has arrived, but accumulation, accumulation, accumulation, and whenever the whales want to pump the market, they can do it at any time.
Let's see what happened last night that caused Bitcoin to surge by nearly $10,000 in one night.
1. Trump plans to appoint crypto-friendly cabinet members
According to a report by Odaily Planet Daily, President-elect Trump will appoint crypto-friendly cabinet members to fulfill his promise to make the US the "global crypto capital".
2. Tether Treasury has minted 2 billion new USDT on Ethereum
Tether has issued 4 billion USDT between October 7 and October 10.
3. Bitcoin's market cap has surpassed that of silver and Tesla, making it the 8th largest asset in the world.
4. ETF institutions poured in 13,900 bitcoins yesterday.
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In my view, the market sentiment is biased towards institutional bulls and retail shorts.
The current market sentiment is quite contradictory, Bitcoin holders and meme coins are surging, the sentiment is good, but the altcoin gains are not satisfactory, most are worried that when Bitcoin corrects, the altcoins will follow.
Someone asked for my opinion?
With the current trend, I am also conflicted. When Bitcoin was at $49,000, $56,000, and $65,000, I could firmly call for a correction and be bullish, but now that Bitcoin has reached this level, a correction can indeed happen at any time, and it is impossible to predict how the altcoins will perform.
I am more inclined to think that if Bitcoin can stabilize between $70,000-$80,000, the altcoin bull market will come, but now close to $90,000, it's hard to say.
The liquidation map now shows that the upside is almost completely liquidated, and it's just a matter of the same day that any short positions are liquidated, while around $70,000, there is currently an accumulation of nearly $11.5 billion in long positions. In this one-sided situation, it is meaningless to use this data to judge when the downside longs will be liquidated, but I see many people using this data to "expect a correction", of course a correction will happen, but before it happens, most of these people will likely have been wiped out.
The historic high of Bitcoin is accompanied by historic liquidations, so everyone needs to be careful not to get slaughtered.
To my knowledge, most of those who have been shorting recently have gone bankrupt, from the dragon slayers to the homeless.
Last question: Will the altcoin rally come soon?
This question has risk in answering, because Bitcoin has already touched $90,000, and Doge has also tripled recently, and many altcoins that have doubled or tripled since the end of August.
My personal view is as follows, perhaps the answer is in it:
What do you all think specifically? Welcome to discuss.
Note: Forecasting the market has risks, and this analysis only represents my personal views.
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