Bitcoin weakened below $85,000 on September 23 after stronger than expected US business activity pushed Treasury yields higher. The sell-off intensified after S&P Global released its preliminary September Purchasing Managers’ Index (PMI). According to CoinGlass, $135.8 million worth of crypto positions were liquidated within an hour, with long positions accounting for $125.9 million of that amount. Bitcoin accounted for $47.4 million of the total liquidations, while Ethereum accounted for another $23.9 million.
The S&P Global composite PMI rose to 58.4 in September, its highest level in more than five years. Meanwhile, the services sector index rose to 58.7 and the manufacturing sector index reached 57. All three figures exceeded expectations.
On the one hand, we want BTC to continue to rise through previous resistance, but on the other hand, a healthy increase is like a ladder, each increase has a healthy correction.
Currently BTC is at the Fibonacci point 0.618 (Golden Ratio) Daily time frame, at this point it is often a trap for futures traders that's what often called a 'BULLTRAP', because this could be part of the correction of the bearish trend where the daily trend is seen changing from bullish to bearish as seen from the consistent lower high and lower low, or will continuing to rise until reaching the previous resistance then breakout. be wise in trading avoid greed.