Will the Bloodbath Continue?
So... we've got some volatility in the crypto market. We were complaining things got too boring, huh? 😀
Let's note that the first frail attempt was to push BTC above 100k again. Which as expected met with strong resistance in the 99k area. Maybe some people would have thought it would go back to range. The problem is, a range can be maintained for some time, but not indefinitely for volatile assets. At some point, the market wants to move. And if it can't move upward, it will break the range downward. That is what happened.
The question is if the bears will be satisfied with this small victory (for BTC) or push lower, and if they push lower, if bulls will put up a fight or not right now.
TA says we kind of hit the support line for BTC and bounced back a bit, but are turning back toward it, intra-day. So, the fight is still going over this support.
If this support is broken, we might still have a few support lines until 85k, but then we have a LOONG way down without any support. If BTC drops that much (to the second bold support line), I don't wanna think what will happen to alts, if they are already in such a bad shape.
It isn't unlikely to have such a big fall in the price of BTC during a bull market (close to 35%), we had it before in previous bull markets multiple times. Maybe not 35% very often, but 25-30% quite often. The problem I'm seeing here is that they came in an uptrend as a big correction, while in this case it would come as a punishment for not being able to push through the range upward. This would be a too severe punishment, if the bull market is still slated to continue.
The other scenario I'm looking at is much more positive. Maybe you have noticed that almost no sharp move up happen without a significant price drop first. It is also one of the ways to attempt to break through a tough resistance, when you are in a tight range that doesn't allow you to build up momentum until you reach the resistance area.
Either way, let's see where we go from here. If BTC drops below 85k, the sentiment in the market will be awful. Not that it's great right now, lol.
I have no idea what crypto twitter thinks will happen, I don't follow it. Usually they are more at the extremes.
What do you think will happen next?
Posted Using INLEO
No idea what is happening - I just converted bit BNB to BTC but my hive waiting for 50 Cent is postponed it seems :-) At least Binance Earn offers option to accumulate more.
What can't go up must come down. Even if only to go up again. The question is where it will stop once it started to move down...
true! I am buying some more Hive now at least
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i don't get the reason for the dump, i was pretty sure it wouldn't fall under 90k, maybe it's related to eth dump? it happened before btc one if im not wrong
Apart from the TA reasons, there could be another reason that was laid out, which is that Trump said tariffs with Canada and Mexico will kick in as planned, in a week (should be only a few days by now). It was only a one-month delay. Also, it is possible some of the hack funds from Bybit may have been moved by hackers. The tariffs issue is taken quite hard by markets in general (S&P took a nice dive too in recent days), the hack funds being moved could affect only crypto, if true.
Tbh i don't get the link between crypto and tariffs, I mean ok if a war starts and something heavy, but crypto world shouldn't care much if goods price increases
I tought too about the eth hack
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I think we will drop down a bit and find some support down below. However, it's hard to know how the markets will actually move though.
Well, if it drops below 85k, there's a big gap without any support until mid-70s.
I expected us to dump at some point, at left hit that max-pain level correction. I wasn't entirely surprised. However I thought BTC wouldn't push for maybe 105k or so then alts pumps a little before we got that massive correction. I miscalculated and could have converted Hive to HBD on Sunday, but I thought we would pump a bit before that dump.
So, 85k is still possible, but we might probably not go lower than 80k.
CT is fully of misery and fear. You needed to see what's happening there.
Yep, I miscalculated this one too, although it was kind of clear on Monday when it was still ok to swap some HIVE to HBD. Now it's better to wait or even buy HIVE, probably.
Ok, we've got 85k and it seems to bounce up from there. Maybe that was the lowest, but it's too soon to tell.
I can imagine. One of the reasons why I almost never check crypto twitter.
I hunt airdrops on a steady, so I'm using Twitter a lot, I've been doing that for the past 8 to 10 months, so I'm using Twitter a lot these days and honestly the FUD is contagious sometimes.
I think there's no use now other than to buy Hive, as it's basically useless to convert to HBD at this point.
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Not bothered.
90% of my crypto is in hive and hive tokens.
So ride out the dips, keep stacking and earn even more in the meantime.
We could do with a good shake out of the shitcoins and hope the likes of inleo can gain some traction and start earning more revenue.
Yeah, I have a lot in Hive too. At this point I regret I powered down too soon my posting account hoping for some trading opportunities, especially after what we've seen at the end of 2024 and beginning of this year. Some missed curation rewards...
I think this is where I commend myself. I preferred using my staked Hive to earn more Curation reward instead, and I left it powered up because I knew things wouldn't start getting serious until maybe Q2
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That's so cool. I'm on Hive & other L2 of Hive. I've got lots of faith in INLEO. SPS is another big one with lots of new updates ready.
It seems the second bold line on the graph is the main support for BTC, if I'm not mistaken. I think if BTC hits that line, then we'll be more sure that the uptrend after that will break above the resistance levels above. But alts will definitely suffer in the process. I hope it doesn't hit that second bold line :)
Yes, that's true. I've seen an interesting movement in the market in the second part of yesterday. BTC was hard red, while alts (many of them) were in the green. So, maybe if BTC drops to 74k it doesn't necessarily mean alts get murdered in the process.
I've noticed that too. Some did recover faster than BTC. But another drop has happened today too, so far.
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My opinion is that it would continue to go down but perhaps it can reach up once more
That's possible, for sure. I'm not sure if I'd want BTC to go all the way down to 74k before we recover or call 85k the local bottom, and start going up from here. 74k is a much stronger support and we wouldn't have this gap to fill, so going forward the rest of the bull market could have a better outlook, but a 35% drop coming after another rejection at 100k would be brutal.
I think that BTC would bounce back eventually
That's sure.
It's time to buy! Haha. NFA of course.
Could be. Unless it drops to 74k, in which case, there is a lot more to drop to that point.
I am waiting for it to drop more so I can buy some
85k may have been the local bottom. But we will see...