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This week, beware of a potential one-sided downtrend that could wipe out bullish traders!
During the last bear market, the key event was the Russia-Ukraine war. Now, it's another war... Geopolitical conflicts have caused oil prices to surge and global inflation to intensify. The three Middle Eastern countries are deadlocked in battle, the US dollar index is rising, and the US stock market may continue to plummet. This will inevitably lead to BTC following the US stocks and experiencing a sustained decline.
Looking at the current chart, the four-hour bearish volume is increasing while the bullish volume is weakening. After the price rebounded to 74,000, institutions, whales, and large traders started selling BTC. The four-hour bearish volume quickly grew stronger, and bullish volume weakened. This bearish volume, which signals a potential reversal upward followed by a sharp drop, should not be underestimated. It also significantly impacts market confidence and bullish traders.
BTC failed to hold at 67K, and the main downward wave continues...