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BTC Daily Market Analysis
Past 24 hours market liquidation data from CoinGlass: ~ A total of 65,004 traders were liquidated, with total liquidation amounting to $154.35 million. Of these, about 30% were long liquidations, and about 70% were short liquidations.
The market is currently still oscillating near the upward channel edge, occasionally attempting to break through and go long. In my view, the situation has changed; now, in the local trend, a breakout to go long is the main scenario.
Too many investors are betting on a drop below $70,000, expecting the market to decline. Currently, the long-to-short ratio is close to 5:1. From historical data, such times usually take most people out, with the market moving in the opposite direction of their bets. This is precisely the phase dominated by negative news.
Opening position suggestion: Buy on dips!