After the holiday, I'm here to sort out the situation for everyone.
First, Bitcoin $BTC is clearly undergoing a correction process, and it is expected to happen relatively quickly.
Also, there may be some trend influences recently, which I will mention at the end of the article.
Let's start with the pure technical aspect: the daily candlestick's upper shadow at the blue arrow is too long, so a correction is predictable. I also mentioned shorting around 85600 at 4 a.m. in the group chat, then took profit on the morning spike around 83500.
This correction will first test the originally very strong support around 82800 at the yellow arrow, which has already been tested multiple times, so the progress will be relatively fast. If it holds, it will retest the top and make a relatively strong upward move.
If it doesn't hold, it might drop to the round number near 80,000 at the green arrow. This situation is more extreme, but it is very likely to hold there.
Currently, the OKX platform has released a major ecological outlook, and similar trading platforms nearby have done the same, sending a very subtle signal. Personally, I think this is a semi-explicit sign of a bull market.
(Involving RWA, AI, globalization, and a series of issues that I will discuss in a long article later mentioning various markets.)
At the same time, we need to pay attention to the $SPY US stock index hitting new highs, and recently there have been very few negative news and a lot of positive news. This often means there will be a short-term shakeout of longs before a rally.
(This kind of market manipulation is often the result of a tacit agreement among multiple forces.)
That's roughly the current market situation. Everyone should trade cautiously here and pay attention to the key position at the yellow arrow.
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