Jiang Zhuoer, founder of BTC.com, stated that the current bull market is still ongoing, and numerous on-chain and long-term indicators suggest that the bear market has ended. The bottom of this bear market was formed when Bitcoin fell to $57,758 in July. Currently, the market needs to focus on whether this correction will find support at the 50% Fibonacci retracement level of $72,500, or whether it will drop to the 61.8% retracement level of $69,000 to $70,000.
Jiang Zhuoer revealed that after the Binance hack, he bought DeFi altcoins for $76,600 while holding a 100% long position in BTC. After BTC fell to $72,700 and hit the 5% stop-loss line, he established a short position at $73,000 to hedge.
Jiang Zhuoer stated that he will temporarily step away from the market to observe, and if BTC falls to $70,500, he will close his short position at $73,000.
