Bitcoin is currently in a very big consolidation range. There is extreme market pressure right now due to a lot of different negative global events - China bank run, US recession and high inflation, Euro collapsing....
Market had nuke when 9.1% CPI dropped but quickly started rallying, which is exact opposite of what you'd expect. There could be multiple reasons for this:
- Retail being dumb and thinking that inflation is peaking so they start buying
- Shorts buying back on their positions
- Strong technical level is being anticipated by market
- ...
I think that in the long run this range will eventually break to the downside and come into the 14-12k area.
Market had nuke when 9.1% CPI dropped but quickly started rallying, which is exact opposite of what you'd expect. There could be multiple reasons for this:
- Retail being dumb and thinking that inflation is peaking so they start buying
- Shorts buying back on their positions
- Strong technical level is being anticipated by market
- ...
I think that in the long run this range will eventually break to the downside and come into the 14-12k area.
