Bitcoin Diaries: Shorts, Rejections, and a Bridget Jones Moment

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Dear diary, today Bitcoin treated us to a performance critique: it flirted with $72,000 and then ghosted us, retreating as gracefully as a party guest who overindulged in prosecco and now regrets the entire cheese board.

It pulled back from its high of $72K after multiple rejections at $71.5K, and the shorts were suddenly in profit, while the rest of us contemplated whether to redecorate our lives with new risk metrics or just brew another cup of tea.

As market sentiment shifted, traders faced one of the toughest phases: holding through retracements while waiting for a sign about where the plot is headed.

Managing Risk Through Pullbacks

Astronomer, crypto oracle with a flair for drama, reminds us that the retrace-to-entry moment is one of the hardest acts in trading.

In a recent post, he quipped: “Even if it goes back to entry, holding through it matters. This is what most don’t talk about.”

He noted that while many analysts dish out trade setups, they rarely walk you through trade management with a latte in hand and a wink.

Entering and exiting are hard, he says, but the real test is staying put through retracements and not sprinting for the exit just because the price goes the other way.

shorts

Dropping further off local high. Congrats if you are holding along so far

Alright, shorts we are holding from 72k are continuing to repell away from entry, now back at 69k.

Looking forward to what NYO brings to navigate further.

Reminded you today that the market…

– Astronomer (@astronomer_zero)

According to Astronomer, his community has logged three consecutive wins, with the most recent short from $72,000 reaching 2.5x reward-to-risk before partial exits. His followers were advised to stay in through a retest to entry, and the move has proven correct as Bitcoin has continued lower.

He also stresses that real trading requires action, not just predictions. He takes aim at those on social platforms who share levels without any trade plan or risk management, arguing that without execution, charts are just wallpaper.

Bitcoin Fails to Break Above $71,500 for the Seventh Time

Bitcoin has now failed to break the $71,500 resistance seven times in recent sessions. The latest attempt produced a lower high, a tell-tale sign of buyer fatigue, some say.

The price has since slipped into the high $60,000s, cementing the ceiling’s strength.

In the days of yore, $71,500 was the hero level; now it’s the villain. Every failed attempt adds pressure, giving shorts the swagger and making the longs play it cautious.

“Every rejection weakens the bullish setup,” observed an analyst, noting the price turned earlier with every try.

Lower highs suggest sellers are stepping in sooner, and buyers are less confident about chasing the upside.

The seventh miss has pushed traders toward lower targets, notably $68,000 and $66,900, with demand zones near $61,000 appearing as the last-ditch romance.

Related Reading: Strategy Buys 1,142 Bitcoin for $90M as Holdings Reach 714,644 BTC

ETF Outflows and Macro Conditions Add Pressure

Spot Bitcoin ETF flows in the U.S. have shown mixed results over the past month. Although some days saw inflows, the 30-day trend remains negative overall.

Recent data shows $220 million in inflows on a single day, but a $2.6 billion outflow over the last 30 days.

This shift in ETF demand adds uncertainty to bullish expectations. Earlier in the year, ETF demand acted as a backstop for many traders during dips. Now, traders are less sure that demand will return consistently.

Meanwhile, macro conditions remain tight. U.S. 10-year yields have hovered around 4.2%, adding pressure to risk assets like Bitcoin. High yields make leverage more expensive and can slow speculative momentum in the market.

Options market data shows a growing demand for downside protection. This suggests traders are preparing for more volatility and wider price swings. As premiums rise for puts, it signals caution among large market participants.

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2026-02-10 21:38