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#BTCProbes60KKeySupportLevel
🚨 Bitcoin is at $59,792 today. This is a deal because the Personal Consumption Expenditures, which is like a measure of inflation is at a 3 year high at 4.1%. Also there are $10.5 billion in Bitcoin options that are expiring today. This makes today an important day for Bitcoin.
I want to tell you what is going on with Bitcoin now. Today is not a day. Bitcoin is down 2.11%. It is sitting at $59,792. Two weeks ago the $60,000 level was a strong support level but now it is like a ceiling that Bitcoin cannot break through. Every time Bitcoin tries to go up it gets sold. Every time it goes down it gets closer to the $58,000 to $59,000 zone, which's a big test.
There are four things happening at the same time that are affecting Bitcoin. First the Personal Consumption Expenditures is high which means the Federal Reserve is not going to cut interest rates. This is bad for Bitcoin. Second there are $10.5 billion in Bitcoin options expiring today. This means that the people who sell options want to keep the price of Bitcoin in a range so they can make money. Third there is a problem in Iran. They attacked a ship in the Strait of Hormuz which's a very important place for oil. This makes energy prices go up. Fourth people are very afraid of Bitcoin now. The Fear and Greed index is at 13, which's the lowest it has been in a long time.
If Bitcoin goes below $59,000 it could go down to $55,000 quickly. There is not a lot of support for Bitcoin between $59,000 and $55,000.. Some analysts think that the derivatives market is showing signs of too many people being short on Bitcoin. This means that there could be a squeeze, where the price of Bitcoin goes up very quickly.
It is also important to note that the people who have been holding Bitcoin for a time are not selling. They are still holding on to their Bitcoin. It is the short-term holders and traders who are selling. This is a sign, for Bitcoin.
So what should you do today? You should protect your money. Watch the $59,000 level closely. Do not try to anticipate what is going to happen just. See. Are you going to hold on to your Bitcoin sell some or wait for the short squeeze to happen before you buy more?
#BTCProbes60KKeySupportLevel #Bitcoin #GateSquare