So... we've got some volatility in the crypto market. We were complaining things got too boring, huh? 馃榾
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?
