Bitcoin got rejected again by the 70k threshold.
$BTC hit $66K and everyone's panicking. What's actually happening. 🧵
$BTC is down 2.1% today, sitting at $66,145. It's been struggling to break $70K
Three reasons why:
1️⃣ ETF money is leaving - $133M walked out the door yesterday. BlackRock's fund took the biggest hit. When big money pulls back, price feels it.
2️⃣ The macro mood is heavy - Interest rates staying "higher for longer" means risky assets like crypto lose oxygen. Bitcoin's been trading like a stock lately, not an island.
3️⃣ Shorts are running the show - The long/short ratio is 0.27. Translation: for every long trader, almost FOUR are betting on more downside.
The levels that matter:
• Support at $65,650 - lose this, and $63K comes fast
• If that breaks? Next stop could be $57,800
• Stronger floor sits at $60K-$62K
However,
Despite the fear (index at 11 out of 100 - "extreme fear"), some smart money is quietly buying the dip. Top traders showed net buying in the last hour.
And Google searches for "Bitcoin going to zero" just hit 2022 levels. Historically? That's been a decent time to stay calm and zoom out.
Not really telling you what to do. Just translating the noise.
Sometimes the best trade is understanding what fear actually feels like - and remembering you've survived it before. 🧠