Bitcoin's Whiplash: Back to Square One
The excitement was palpable when Bitcoin broke free from its sideways channel, but that enthusiasm quickly turned to fear as prices plummeted. The swift reversal was fueled by the liquidation of leveraged positions, resulting in a staggering $85.93 million in Bitcoin liquidations, as reported by CoinGlass. It seems some investors still haven't learned from past experiences.
Looking ahead, the funding rate has improved, but the bulls have yet to make a strong comeback. As a result, Bitcoin is once again stuck in its sideways channel, oscillating between $57,000 and $61,000-$62,000. Fortunately, I didn't remove those trend lines from my chart just yet!
Today's earnings report from NVIDIA could be a game-changer, with expectations of record-breaking numbers. This could spark a relief rally, potentially wiping out a significant number of short positions that have been accumulating. Will this be the catalyst for Bitcoin's next move?
