A Top Trader’s Warning: BTC is Too Weak After Fully Retracing BlackRock ETF News
A trader who previously caught the crypto rally earlier this year is now staying on the sidelines. According to the trader, the recent Bitcoin correction that brought BTC below $26,000 is a clear indication that bears have taken control of the market. Here are the key points from the trader’s strategy session:
– The trader believes that the retracement of Bitcoin’s gains sparked by BlackRock’s application for a spot-based BTC exchange-traded fund is a sign of weakness.
– The trader felt uncomfortable bidding on support blindly due to the market’s weakness.
– The trader will only reconsider their position if Bitcoin reclaims $30,000 or collapses to $18,950.
– The trader also notes that trader sentiment is currently bullish on altcoins, indicating it is not yet the time to jump back into the crypto markets.
In conclusion, the trader sees Bitcoin as too weak after fully retracing the BlackRock ETF news and will remain on the sidelines. They will only reconsider their position under specific circumstances.
By
By
By
By