BTC has indeed reached 62,000. Will it continue to rise or pull back next?


BTC's next upside target is around 62,000, and it has now reached the target level I mentioned. Basically, BTC's recent movements have been following my expectations. So, what will happen after BTC hits 62,000? Where will the next target be?
Since BTC hit 62,000, it has been relatively quiet, consolidating between 61,000 and 62,000 for a whole day, neither rising nor falling significantly, causing many people to lose direction in the market. In fact, if we look at the order book, we can see that the contract CVD has been hitting new highs, while the spot CVD started to decline after reaching 62,000. What does this signal mean? That is, during the consolidation range of 61,000 to 62,000, many people are chasing long positions, but the price cannot move up because spot sellers are active in the 61,000-62,000 range. In this case, BTC is likely to undergo a pullback. It may hit a second high today and then pull back, or create a new high, form a divergence, and then pull back. Regardless, I believe there is a need for a pullback here. So, do not rush to chase long positions, especially when the price approaches 62,000. This is a resistance level, and with too many people chasing longs, a pullback is easy to occur. The funding rate is also absurdly high. So be careful of BTC pulling back to hunt long traders. If a pullback really happens, you can watch for levels around 60,600 and 59,000. The best scenario would be a drop to around 59,000, where most longs would be wiped out, liquidity would be hunted, and then BTC could rise to 63,000. If it moves like this, that would be pretty good.
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