Are Bitcoin Traders' Short-Term Concerns Justified? Yes but...

👇1-10) The crypto market is undergoing some significant shifts. While short-term concerns have been evident, larger trends may soon overshadow them. Based on our analysis, we accurately anticipated various corrections over the past six months. However, we’ve held a bullish view for the past three weeks, capturing the rally from $54,000. Although Bitcoin has yet to break through the downtrend, we believe it's only a matter of time before it does.

Bitcoin Failed at the downtrend resistance line (purple)

👇2-10) Last night’s market correction likely stems from weaker economic data from China, suggesting additional stimulus is needed. As a result, opportunistic traders may have shifted from Bitcoin to Chinese stocks for higher beta exposure. There's also some anxiety surrounding early-month weaknesses, which we've observed following the release of U.S. manufacturing data over the past three months. Additionally, short-term technical indicators for Bitcoin appeared overbought.

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