Brothers, I just finished reviewing, and I feel a bit blocked inside.
Bitcoin officially broke the key support level on the monthly line these days. This is not a false signal in terms of technical analysis, but a real breakdown. Having played in the crypto world for so long, the monthly level of support has always been the last psychological defense line for bulls. Now that this wall has collapsed, market sentiment has directly crumbled.
I know many people are shouting 'bottom fishing' now, thinking that after such a drop, there will definitely be a rebound. I won't deny that there might be a small rebound in the next few days. After all, it has been oversold, and some bottom fishing funds might enter to speculate on the short term, making a few points possible.
But I must throw a cold shower: the rebound is just a 'flashback' in the process of decline. A break below the monthly line means that the medium-term trend has completely turned bearish. This wave of decline is not coincidental; it is the result of a resonance between macroeconomic factors and capital flows — the rising expectations of Federal Reserve interest rate hikes, Grayscale Trust's selling pressure, and the chain liquidation in the derivatives market, all of which are real bearish factors.
