This is having no impact on crypto as BTC continues to hover around the 97,000 dollar level.
That being said, I don't really expect it to be here for much longer. The 97,000 dollar level is far less relevant than the 96,000 dollar level, which has acted as support several times over the past few days. With each bounce being weaker than the previous, it seems highly likely that we^re going to see BTC below 96,000 dollars again soon. This could spark another aggressive selloff, potentially making the 96,000 dollar level a very nice short entry in the future.
By the way, some might ask: "If 96,000 dollars is a great short entry in the future, why not enter a short now when it's still trading at 97,000 dollars?"
The answer is simple: the 96,000 dollar support level hasn't failed yet. While I strongly doubt it will hold, waiting for confirmation is the smarter, lower-risk move. There's always a chance that $96K unexpectedly holds, so rather than front-running the move, I’d rather see it break convincingly before entering a short position.
https://www.tradingview.com/x/MUfSNsLX/
- @Forflies