Bitcoin's Balancing Act: Consolidation, Theft, and Market Forces

23 de fev.

Bitcoin continues to consolidate in the 90k - 106k area! Recently there was an act of theft from the ByBit cold wallet, resulting in over $1.5 billion worth of ETH being stolen. This is definitely a negative backdrop, we have seen good support from other exchanges and crypto project funders. Theoretically, it would be possible to roll the chain back as Arthur Hayes suggested, but it doesn't seem to be possible, although it would definitely play in favor of the bulls. I would expect a drop to the $91800 area for several reasons:

1. Bear dominance. This can be seen in the bullish and bearish volume indicator. Bullish volumes have fallen while strong sales volume growth is noticeable.
2. Elliott Wave Correction
3. BlackRock sold 3,283 BTC before the ByBit hack and has yet to buy more.
4. According to the smart money concept, 92400-91200 is a magnet.
5. Need to liquidate a large number of long positions that gained momentum after leaving the 99k level.

Horban Brothers.

24 de fev.

Trade ativo

25 de fev.

Trade fechado: objetivo atingido

To 94k now