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Ever wondered why everyone panics at $60k just to buy back higher at $70k?
$BTC is putting on a masterclass in market psychology right now. We had that massive wick down to 60,000 yesterday, which likely cleared out all the late longs.
Since then, it has been a straight climb back up to 70,499.
We are currently knocking on the door of the 71,500 resistance.
Volume looks solid on this 1h recovery, and the bulls are clearly back in control for the moment. If we flip 71k into support, we are likely heading for a new local high.
I’m watching the order book closely because the bid side is stacked, but if we reject here, a quick dip to 68k to retest support wouldn't surprise me.
#EthereumL2Outlook