These two waves of rally are actually quite obvious. Around 66k, there is real money coming in, with prices starting to surge right after hitting the bottom.

Today is also the end of the quarter, and most of the bullish positions are concentrated in the 65k-66k range. If institutions really want to make a strong move, they might just push down hard, wiping out all the longs in the 65k-66k zone, which could easily trigger a chain of liquidations, likely bringing the price down to 63k or even lower.

But honestly, I personally prefer to wait for a more comfortable entry point. Waiting to short around 69k offers a better risk-reward ratio, with more room and cleaner setups. At this position, neither up nor down, it’s better to be patient and see if the market gives us that opportunity.