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- Bitcoin’s great hope: turning that pesky $85,000 resistance into a support zone. Easy, right?
- Eyes wide open on ETF trends and key technical levels, because who doesn’t love a good cliffhanger?
Ah, Bitcoin. Our beloved digital enigma, forever locked between $81,000 and $85,000, ever since it took a brief, heart-stopping plunge to $78k just last week. The mission is simple: turn that daunting $85k resistance into a solid demand zone. If only it were that easy.
According to our friendly neighborhood technical analysis, if Bitcoin fails to cling to the $81,000 support level, it might tumble further, perhaps to around $78,446. Oh, joy. On the other hand, if it manages to break free from the $85,000 chains and stay above it, we could see some sweet, sweet upward movement. A bullish fantasy, no? 🤑
Signs of Bitcoin’s Potential Bottom… Or is it a Trap?
On the 17th and 18th of March, Bitcoin saw an inflow of half a billion dollars into BTC ETFs. Yes, half a billion. The first consecutive institutional influx this month. Ah, institutions—the silent wolves of the crypto world.
Meanwhile, the fear index, ever so fickle, shifted from “extreme fear” to just plain “fear.” Historically, this transition has marked a potential bottom, giving us plebeians a chance to buy BTC at a discount. Buy low, sell high—sounds so simple when it’s written in bold letters. 🤨
Long-term holders, or LTHs for those who like their acronyms, seem to be on the same page. On March 16th, they grabbed 167k BTC at $82k. These savvy investors, showing a level of conviction we can only dream of, might just be onto something.
But, alas, even with these robust inflows and accumulation, Bitcoin can’t seem to break that pesky $85k barrier. It remains caught in a perilous game of leverage—riding above $80k, but tumbling when profit-taking rears its ugly head at $85k. Such drama. Such volatility. It’s like watching a bad soap opera, only with more zeros involved.
Each time Bitcoin dips, we see leverage spike and Open Interest (OI) jump by a cool $2B. Then, when BTC touches $85k, liquidations hit, OI unwinds, and the price plummets back to $80k. A vicious cycle, one might say—a financial purgatory, if you will.
And still, Bitcoin remains at risk of a potential pullback, especially with macroeconomic conditions as ominous as ever. To make matters worse, Binance reports low trading volume, with spot markets showing an utter lack of significant buy orders. Is anyone actually buying this stuff, or is it all just wishful thinking? 🤷♂️
Clearly, we’re seeing early signs of $85k potentially flipping into support, but that’s still a long way off. Patience, dear readers. Patience.
The Long-Squeeze Risk: Yet Another Plot Twist
This chart—oh, this lovely chart—shows that a retest of $84,772 might just be the spark for another long squeeze. Oh, the drama of it all. Over 772.4K Bitcoin are at risk of being sold off. Yikes.
Short-term holders (STHs) are understandably skittish, given the volatility. HODLing just isn’t the vibe right now. Not when the market is this fickle.
In fact, the STH Spend Output Profit Ratio (SOPR) has gone negative, indicating that STHs holding less than 155 days are realizing losses. More selling pressure, just what we needed. (Sarcasm, in case you didn’t catch it.)
Leverage trading continues to rise—because why not make things more interesting? Open Interest is up 0.64% to $48.80 billion, but weak spot demand makes the chances of a long squeeze increasingly likely. Will Bitcoin cross that line, or will it just plummet to its doom? Who knows, but stay tuned.
Without strong institutional accumulation, the sell-side liquidity could surge, leading to mass liquidations of long positions. Could this lead to a dramatic retrace to the $80k demand zone? Perhaps. Perhaps not. Oh, the suspense!
To prove us all wrong, Bitcoin must generate some serious buying momentum at $85k to break resistance. Will it? Who can say? But if it does, consider it a bear trap. The drama never ends. 🎭
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2025-03-19 14:19