🚨 BITCOIN JUST LOST ITS MOST IMPORTANT LEVEL
For months, 70k acted as SUPPORT
BUT now it's acting as RESISTANCE
Bears rejoice, the breakdown is starting
A few months ago, we broke below this level as well
But that move was followed by a correction
But once price reached the psychological resistance zone, the downtrend continued exactly as expected
Now we've seen a second breakdown
This time, I don't think a meaningful pullback is coming
The market is moving lower with conviction, and it may even be heading toward the cycle bottom
Be prepared
You can open your shorts on Kalshi now
NOTIFS ON!
Incredible
A moment of silence for all the fallen soldier trying to long this dump... Billions and hundred thousands of degens liquidated
65,000 holds 845M USD in longs again on BTC
74,000 holds 7.02B USD in shorts... But momentum is still down and sell pressure is relentless
I've been the opposite of locked in right now and pretty afk BUT any fool can see that the market is clearly shaky and uneasy right now. BTC puking with the way it is sucks and all of your trades should be fairly short right now IMO (already roundtripped a bunch of moves myself for leaving positions open too long).
There are a few coins like ZEC that are holding up and as a whole, altcoins haven't gotten completely destroyed like you would expect since btc went from 80k->63k in 3 weeks. But I think everyone's much more cautious given where btc is at currently- if we lose this 60k level on HTFs, I think we probably wick to something like 50k in 1 go or something nasty.
I was of the opinion that 60k was the bottom but I'm open to changing that opinion after seeing this price action. Look at the price action in summer 2024, it was much more choppy and controlled and didn't have these big red daily candles as much. That's more the price action that would have given me confidence that this range IS the bottom. As of now, still unsure, but looks like 60k should get tapped eventually.
But I still dont like shorting the current area. I think that a bounce should come between now and 60k. How strong of one, I don't have a clue. But there should be some temporary relief. But for now, stick to winning coins (ZEC, HYPE), keep active trades short (take the 5% moves if the market gives), and keep stop losses tight/don't let things get out of control.
Polymarket introduces taker fees on most markets starting March 30
(Sports, Crypto, Politics, Finance, Economics, etc.).
Only two categories will remain completely fee-free: Geopolitics and Major World Events.
Maker fees will stay at 0%.
It’s insane what’s happening.
Participation is at all time lows, just a few thousand people are still active, so good coins that once had 100M–1B potential are stuck trading between 500k- 20M.
This is quite literally the generational bottom in the making. $SOL is sub $80. Tensions are the worst they've ever been, and total dex traders look like this...
Once we bounce, it's going to be violent