Bitcoin-Why we stayed bullish on it and why we are still long now?

Our Long-Term Bitcoin Strategy amidst new Market Dynamics

1. In our long-term portfolio, we've maintained our position in Bitcoin. It never closed below major moving average support. It also never made a lower low.
   
   While we closed our swing trade last month, it has now reopened. Our observation was that Bitcoin appeared to be in an uptrend, but it was confined within a specific range. It's not advisable to fight with a range-bound market. However, now that it has broken out of this range, we anticipate a sustainable upward movement.

   
   There are several approaches to execute this trade. One option is to make a direct purchase. My suggestion wast to utilize a buy stop just above the range, similar to how we entered the market when it surpassed the 30k mark. Alternatively, you can wait for a pullback to a support level or consider making the purcha

   se today.

   

2. This week the cryptocurrency market witnessed a significant move, resulting in the liquidation of derivative positions for a considerable number of traders, totaling 94,755 individuals. Notably, the largest liquidation order was recorded on Binance, amounting to an impressive $9.98 million. This incident has sparked discussions within the trading community, prompting a closer examination of market trends and volatility. The price surge also led to the liquidation of roughly $400 million worth of short positions.