Bitcoin: To The Moon (Maybe? 🚀)

Right. So, Bitcoin. It’s currently hovering around ₿ $118,692 🙄 (yes, really). Apparently, it’s not just expensive, it’s… *overbought*. As if I needed another reason to feel financially inadequate. 💸

BTC $118 692
24h volatility: 0.1%
Market cap: $2.36 T
Vol. 24h: $54.47 B

This PlanB character – sounds like a supervillain, doesn’t it? – is saying this rally to, well, *a lot of money* isn’t a fluke. He’s looking at something called the RSI (Relative Strength Index – honestly, the jargon is exhausting) and apparently, it’s nearly 75. Which, in Bitcoin world, means…more money? I think? It’s all very confusing.

Bitcoin Relative Strength Index (RSI) is almost 75 (orange dot). In this bull market we will see several months with RSI 80+ (red dots, like 2021, 2017, 2013 and 2011) IMO.

— PlanB (@100trillionUSD) July 24, 2025

So basically, expect it to go up, possibly even more. Naturally. It’s all very…predictable. 😒

Apparently, People Are Trying to “Squeeze” Shorts

It wobbled briefly (down to $117,000 – practically a bargain!), but it’s bounced back because everyone’s bracing for a “short squeeze.” Which, as far as I can gather, means people who bet the price would *fall* are now panicking. Serves them right, honestly. It’s still considered a top coin to buy, naturally.

Apparently, there’s lots of “overhead liquidity” (whatever *that* is) which is supposed to make it go up even faster. And some trader, Mister Crypto (very mysterious), is predicting a massive squeeze. Oh good. More financial chaos. 🎉

Crypto Rover called it “obvious”. Well, *someone’s* clever. And Daan Crypto Trades thinks $120,000 and $115,000 are important numbers to watch. As if I have that kind of money lying around.

$BTC Still stuck within this range. Lots of positions on both sides now.

Eyes on those liquidity clusters below $115K & $120K. Would assume price wants to take both of those out at some point.

— Daan Crypto Trades (@DaanCrypto) July 23, 2025

It’s Getting…Hot?

According to Arab Chain (who also sounds like a Bond villain), the Bitcoin market is approaching “overheated” territory. Apparently that’s usually good, but then it corrects. Like a badly behaved child. They suggest *not* buying now, which is just rude. I was hoping to get rich quick! 😭

But don’t worry, the overall trend is still “upwards” unless something dreadful happens in the real world. Which, given the current state of things, seems highly likely.

Technical Analysis: Wedges and Histograms (Kill Me Now)

There’s a “rising wedge pattern” which apparently is a bad sign. Or maybe a good sign. Honestly, it’s all Greek to me. Resistance is near $123,000 and support is around $110,000. I’m starting to feel a headache coming on. 🤕

The MACD is “weakening” and “flattening.” It sounds…listless. A “bearish crossover” could send it down to $110,000–$112,000. Oh joy.

Bitcoin Daily Chart with Rising Wedge | Source: TradingView

But, BUT, it *could* go up to $130,000–$135,000! So, there’s that. The BoP indicator is “volatile” (everything is volatile these days). If it falls below $115,000, it could crash down to $100,000. My head hurts. I need a glass of wine. 🍷

2025-07-24 15:23

Apparently, People Are Trying to “Squeeze” Shorts

It’s Getting…Hot?

Technical Analysis: Wedges and Histograms (Kill Me Now)

Read More