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Many friends have been asking recently, can we bottom fish at Bitcoin 70000? What do you all think?
Wukong personally believes that now is not the right time to bottom fish. Instead, 70000 here will be a springboard leading into a downtrend. The Fed decision news early this morning had a muted response. Normally, this should be bullish for crypto, but as everyone has seen, everyone is trying to hide their cards. Additionally, after the previous strong rally, the market underwent consolidation, and after the consolidation it continued downward. This only suggests that the earlier bullish catalysts have been fully priced in, and what comes next is the bears' turn to perform. If looking at the longer-term trend, Wukong sees support at 65000-63000. These two levels are important support zones from earlier, and these are just Wukong's personal views. As for what actually happens, let's wait and see!