Bitcoin today reached a high of 77,800, a low of 76,051, now at 76,745.


The daily range is less than 2%, but the difference between high and low still reveals issues—volume driven by the Asian session was pushed up, only to be completely pulled back in the afternoon.
FNG dropped to 25, indicating extreme fear. This number tells you that the market isn't about to reverse; fear hasn't peaked yet. There’s still a stretch of road between extreme fear and true panic bottom.
Looking at the weekly structure on the daily chart, it hasn't changed: sideways at high levels, rebounds getting weaker, and volume continuously shrinking.
This isn't a bottoming process; some people haven't finished selling yet.
The US stock market opens tonight, and if semiconductors continue to decline, the crypto market won't be doing much better tonight.
I don't really want to say discouraging things, but this position isn't worth betting heavily on.
Waiting for it to move on its own is much more reliable than guessing the bottom.
BTC0.4%
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