Today the crypto market was immediately shaken by two massive news from the global institution and geopolitical stage that are predicted to change the direction of market liquidity in the near future. The first news discussed by Coin Bureau comes from Taiwan which is rumored to be seriously exploring Bitcoin as an alternative foreign exchange reserve asset. This is done to secure their $602 billion savings from the risk of geopolitical conflicts with China. Currently more than 80% of Taiwan foreign exchange reserves are held in US dollar assets which are considered highly vulnerable to being frozen if regional tensions escalate. Therefore the anti seizure nature of Bitcoin is starting to be seen as a safe solution.

​Not less exciting, the Crypto Rover account also shared news that the global asset management giant BlackRock with a managing fund power reaching $14 trillion will launch their newest product called Bitcoin Premium Income ETF today. The presence of this new ETF product from BlackRock is a very important point because it will become a new gateway for the entry of massive institutional fund flows. The injection of fresh liquidity from these two big sentiments clearly brings a massive breath of fresh air into the spot market.

​Looking at the busy fundamental sentiments above, the technical structure on the $BTC daily chart is also responding in a very interesting way. Based on TradingView technical data, the price is currently testing whether the support zone at $62.560 - $60.000 is strong enough to hold the decline. This zone is very crucial because it is the first defense line after the market broke out of the large falling wedge or triangle consolidation pattern early this year before making a sharp correction and creating a fair value gap or FVG area.

​If this strong support zone breaks, the market still has the next backup support area in the price range of $52.290 - $50.520. However looking at the magnet pull of the daily FVG around $66K, the opportunity to bounce back or rebound is still wide open. The nearest upward target is projected to test the second resistance area in the $74.265 - $73.060 zone before finally trying to chase the highest resistance target in the $90.280 - $88.400 zone.

​If we break down the market activity based on derivative data, this movement is supported by a fairly stable trading volume foundation across various major world exchanges. From the futures market data, Binance leads the liquidity turnover with a fantastic number reaching $15.01B followed by OKX worth $7.65B and Bybit at $5.54B.

​The most crucial thing to note is that the Long/Short Ratio of top trader accounts on Binance stands at 1.4845 which indicates that the majority of big players or whales are currently much more inclined to take buying positions. Even though in the last 24 hours there was a cleaning action of short positions worth $96.55M and long positions worth $39.44M, this liquidation dynamic actually makes the market structure much healthier because it cleans up positions with high leverage.

My Opinion

​Seeing market conditions full of surprises and global macroeconomic dynamics that are currently completely uncertain, I suggest you all start braking your ego in the derivative market. This is not a friendly time if we force ourselves to play futures because the volatility can make your capital disappear in an instant due to a margin call or mass liquidation.

​In my opinion, now is the most perfect time for us to switch to a long term strategy by doing staking. Utilizing the staking feature on potential assets will give us a passive income that is much safer and more stable in the midst of the global economic uncertainty storm. Rather than being stressed watching the futures chart that goes up and down randomly, it is better for us to secure our assets for the future through the staking path.

Source

• Coin Bureau
• Crypto Rover

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