4.2 Morning Silk Road and Recommendations

BTC has been hovering around 68,000 with sideways movement, finally closing at 68,113. Honestly, this kind of trend is the most frustrating—unable to go up and unable to go down.
In the morning, when I saw it spike to 69,310, I thought it was about to break 70,000. I was tempted to chase higher, but luckily, reason prevailed. Looking back now, that was a wise decision. After a false breakout, it started to decline gradually, dropping as low as 67,578. Although the overall decline was only 0.25%, this fluctuation of over $1,700 must be tough for short-term traders.
What impressed me most was that the Fear and Greed Index actually dropped to 8. What does that mean? Extreme panic! The last time I saw such a low number was during last year's bear market. Ironically, the price itself is still quite resilient, but market sentiment has already fallen to this level. Such divergence often indicates something...
Funding rate at 0.0006% is quite healthy, indicating a relatively balanced long and short market without excessive speculative sentiment. The daily trading volume of 1.3 billion is also normal—neither particularly active nor cold.
Honestly, at this position, I feel quite conflicted. Technically, 68,000 is a key support level, but with such pessimistic market sentiment, a breakdown could look ugly. However, when everyone is in extreme panic, it’s often an opportunity.
Tomorrow, focus on whether it can hold steady at 68,000. If it continues to decline, we might need to prepare for a move toward 65,000.
The specific trading advice remains to go short at high levels.
In the short term, consider building positions around 68,500-69,000-70,000 in batches, targeting around 67,000-66,000.
For long positions, consider building in batches around 21,60-21,80-22,00, with targets around 21,00-20,80-20,50.
All above are short-term trading suggestions and strategies. Please follow Sister Lin’s layout for precise operations.