Just saw the report that over $593M in bearish bets got liquidated following the news about Iran fully opening the Strait of Hormuz.
Geopolitical tension in the Middle East has been heavily influenced on risk assets lately. Now that the macro situation is cooling down, the panic selling into cash seems to be pausing. This easing of macro fears, combined with that massive short squeeze, is giving BTC some real momentum. If we could have the $74k area into solid support, I'm leaning bullish for the short term. The path of least resistance feels like it's pointing up again.
During the choppy weeks before this pump, I've been running future grid bots on BYDFi to trade the range. It's solid for choppy markets and the execution is fast. Plus, the bot's trading volume actually unlocked a few draws for their 6th-anniversary event. It felt like a bonus cuz I got some coupons to offset the fees.
Where do you guys see BTC going for the rest of year? Do we still think the 4-year cycle will play out by the end of this year?
BTC pushing $74.5k and shorts wiped out. What’s the play?
byu/Actual-Promise-6521 inBitcoin
Posted by Actual-Promise-6521
7 Comments
Long BTC until price hits 1,000,000 within a decade
4 year cycle still well and truly intact
Read the market, trading volumes goes down, Bitcoin price goes down, trading volumes goes up, Bitcoin price goes up .
That’s a clear bear to bull market transition.
The opposite happens when a bull market transition into a bear market (volumes grew price down, volumes down price up).
Enjoy the view, bears capitulation is signed and spreading.
DCA and just enjoy the ride
The play is the same as it ever was. DCA and hold.
BUY! BUY! BUY! BUY! BUY!
Short squeezes like that can push price fast, but they don’t always hold without real spot demand behind it. I’d watch if 74k actually flips to support on retests, that matters more than the initial breakout. One practical move is to stay patient and not chase green candles, entries after consolidation tend to be safer. Also keep in mind volatility can spike again if macro headlines flip, especially with geopolitics still in play. Are you trading this move or just holding long term?