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#BTCProbes60KKeySupportLevel
🚨 Bitcoin is at $59,792 today. This is a big deal because the Personal Consumption Expenditures (PCE), which is a measure of inflation, is at a 3-year high of 4.1%. Also, there are $10.5 billion in Bitcoin options expiring today. This makes today an important day for Bitcoin.
I want to tell you what's happening with Bitcoin right now. Today is not an ordinary day. Bitcoin is down 2.11%. It's at $59,792. Two weeks ago, the $60,000 level was strong support, but now it's 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 is a major test.
There are four things happening simultaneously that affect Bitcoin. First, the Personal Consumption Expenditures are high, which means the Federal Reserve will not 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 sold these options want to keep the price of Bitcoin within a certain range so they can make money. Third, there's an issue in Iran. They attacked a ship in the Strait of Hormuz, which is a very important place for oil. This is driving energy prices up. Fourth, people are very scared of Bitcoin right now. The Fear and Greed Index is at 13, which is the lowest it has been in a long time.
If Bitcoin falls below $59,000, it could drop to $55,000 quickly. There isn't much support for Bitcoin between $59,000 and $55,000.. Some analysts think that the derivatives market shows signs of too many people shorting Bitcoin. This means that a squeeze could happen, where the price of Bitcoin rises very quickly.
It is also important to note that people who have held Bitcoin for a long time are not selling. They are still holding 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. Don't try to anticipate what will happen blindly. See. Will you hold your Bitcoin, sell some, or wait for a short squeeze to happen before you buy more?
#BTCProbes60KKeySupportLevel #Bitcoin #GateSquare