3.11 Bitcoin price trend today: Since March 9, we have been emphasizing the need to wait patiently for the market’s washout, rather than blindly chase the rise. In the past 24 hours, the amount of liquidated positions reached US$1.416 billion, of which long-order liquidated positions accounted for nearly US$900 million. This phenomenon shows that although the market seems optimistic, the behavior of chasing long is still full of risks.
The current market consensus is that Bitcoin's previous high will be effectively broken, but the key question is whether this will happen after the washout. The chips of the main funds are concentrated at more than 55,000 US dollars, which is a relatively high cost position for them. Therefore, if the market rises directly, it will not be good for the main force.
Currently, the main ETF funds are only 66 billion US dollars. For them, this amount of funds is not enough. They need to absorb more chips, and this may mean that the market will undergo a washout so that the main force can absorb more chips.
Bitcoin is trading sideways at a high level. Recent trends show that the upward momentum has weakened, and there is a possibility of falling below the current ascending channel. Therefore, we need to continue to be vigilant to prevent a possible secondary correction. In this case, we should wait patiently and wait and see the spot market. For investors who have already made profits, they can consider taking part of the profits.
Generally speaking, the market's bullish trend will not end in the short term and is expected to last for at least half a year. Therefore, we need to give the market more time and wait patiently for its evolution. For contract players, now is not the time to chase highs, but the time to wait and see and wait for better layout opportunities.
