Were you surprised by yesterday's Bitcoin surge?Bitcoin / TetherUSBINANCE:BTCUSDTChartinfo1019 BTCUSDT Hello, this is Chartinfo. Today, I’d like to talk about Bitcoin. Bitcoin recently hit 82k and has pulled back, currently looking at 80.3k. You might have thought the long position that appeared on May 14th meant a massive continuation of longs, but from where Chartinfo stands, it doesn't look that way. In fact, it looks more like a time to go short. Here is why I think so 1.Under Dow Theory, we are seeing lower highs and lower lows. Yesterday, the big question for Bitcoin was whether it could break above its previous high. However, Bitcoin got rejected at 82k and failed to make a higher high. This is a crucial point. Until now, Bitcoin had been making higher lows while making higher highs. But when it hit 78.6k, that higher low structure broke, and yesterday's failure to break above 82k led to a drop. We can see that the failure to break the previous high is triggering panic selling from disappointed buyers. 2. There are plenty of bad signs, but very little good news. The global economy is currently facing a lot of uncertainty. The war we thought would end quickly is dragging on, and inflation is getting worse. Because of this, the rate cuts we expected anytime soon have been pushed back again. On top of that, oil prices are showing no signs of cooling down. As people look for safe-haven assets, the value of the US dollar keeps climbing. Isn't it strange? The US PPI came in at an all-time high, the dollar is stronger. Usually, high inflation might weaken a currency, but with the US PPI hitting all-time highs, the dollar is actually getting stronger due to delayed rate cut expectations and massive safe-haven demand. That just shows how desperately people are looking for safe havens right now. As for the news about the Clarity Act passing, which relates to Bitcoin, Chartinfo believes it doesn't really matter much at the moment. It will still take some time before it fully passes anyway. You need to read the bigger macroeconomic picture. Right now, Bitcoin simply lacks the fuel to drive it upward. For now, the most important thing is to wait for these negative macro factors to clear up. Even if you take a short position, the reason you need to be careful was clearly shown on May 14th. The market makers don't give away easy short entries. They pumped the price heavily without much justification, only to dump it right back down. Of course, the weekly RSI was on an uptrend with a golden cross, but that alone wasn't enough justification. Even if you read the sentiment, expected a drop, and went short, would you have been able to hold through yesterday's massive pump? This is exactly why you should use low leverage. Any skilled trader would have held their short bias as long as the price didn't make a higher high. However, retail traders likely couldn't survive yesterday's massive pump and got liquidated. I hope everyone remembers that high leverage is poison in trading. Thank you.