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It has been mentioned that $BTC around 73k has support, but it is not recommended to go long. Today, I took a second look, just normal risk avoidance because I didn't see a volume-driven rebound, which indicates a lack of genuine market support. The reason this level can rebound with high probability is only because it is a consensus support level, and someone is entering the market to buy.
Hype has maintained a strong market, and I am still observing, not thinking of entering short positions.
There is a psychological phenomenon where, after losing a trade, one immediately wants to open a new trade to recover the loss; be cautious of this cognitive bias.
Recently, the market has indeed been difficult to trade, so I haven't placed any orders, and I can only be patient.
When I haven't placed orders, I still try to test the waters with intraday trades, but at least in these four days, I've been getting stopped out repeatedly, with small losses.
It's just pure frustration, and I also have a short position on the S&P 500 holding on.
My view is that we're still quite far from the bottom.
Many people now agree that $60k is the bottom for Bitcoin, but I don't believe that.
At most, there will be a rebound at this level.
Until key indicators are broken through, I won't consider the bull market to have restarted.
The last possible opportunity to cover shorts might be the peace negotiations on June 3rd, which could boost the market.
Currently, I am observing hype's shorting range.
First, today the 28th, the large unlock didn't bring particularly strong selling pressure, and core inflows haven't increased,
so it's very likely that everyone is waiting for the positive news of the Strait reopening after the talks.
If the price can rise again smoothly, I will still short.
ZEC is indeed falling quickly; after shorting at 680, I thought it would follow hype and move against the mainstream with strong buying.
But it quickly collapsed 20%, dropping to 530.
I was flat at 640, so I didn't catch most of the move.
Although around 73k for Bitcoin is a relatively strong support level, I do not recommend going long.