#CryptoCommunityReturnsHome

Crypto Community Goes Home: Sentiments After $70,000

When Bitcoin surpassed the $70,000 level, a joke started circulating within the community: "Everyone's gone home." Those who said "I'll never play again" a few days ago are now back at the forefront of the market. This joke actually summarizes the psychological cycle of the crypto market: despair at the bottom, euphoria at the rise.

Signals Behind the Move

The market broke its silence as the US Treasury intervention, the SEC's regulatory move, and the crypto summit at the White House all came together. While Bitcoin surpassed $70,000, Ethereum attracted attention with a jump of around 20%. Over $1.1 billion in short positions were liquidated in the derivatives market.

However, every rise has two interpretations. Optimistic scenario: $70,000 becomes a support level, targeting $72,000-$75,000 and then $78,000-$82,000 respectively. Cautious scenario: Overbought signals in the RSI, high funding rates, and uncertainty surrounding the CLARITY Act in the Senate raise questions about the sustainability of this rally.

Next week's Jackson Hole meeting and subsequent Senate proceedings on the CLARITY Act will determine the market's direction. While buying at these levels, it's important to remember that the $64,000-$65,000 range remains the first major support.

I'M ALWAYS HERE