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Analysis: If BTC falls below the June low of $17,500, there may be a risk of the dam breaking.



Time:10/1/2022 6:37:00 PM

[Analysis: If BTC falls below the low of $17,500 in June, there may be a risk of the dam bursting] Jinse Finance reported that according to the research of the blockchain analysis company Glassnode, Bitcoin network activity is still in a "terrible" state. A constructive observation is that retail participants have been driven out of the network, leaving only "coin hoarders", professional traders, and everyday Bitcoin users, suggesting that the user base is at a base level. Short-term holders find themselves in an equilibrium where speculative market flows and short-term holders' cost bases are connected. With so much supply concentrated within the current consolidation range, there is a risk that the levee will burst if prices fall below the June low of $17,500.

Other news:

Analysis: Altcoins are doing well, most cryptocurrencies have found a more effective solution to the problem: Institutional analysis: Smaller cap cryptocurrencies are less affected by the early Asian crypto sell-off. Justin d'Anethan, sales manager of Diginex, a digital asset company in Hong Kong, said, "Altcoins have performed well. The reason Musk gave (suspended bitcoin payments) is due to the consumption of fossil fuels caused by bitcoin mining, but most cryptocurrencies address this issue." A more efficient method has been found, so it performs better." [2021/5/13 21:57:20]

Analysis: There is a negative correlation between the discussion of the coronavirus and the price of Bitcoin: The data platform Santiment tweeted that it is undeniable that the new coronavirus (COVID-19) has indeed had an impact on the cryptocurrency market. There has been a persistent negative correlation between talk of the novel coronavirus and the price of Bitcoin. On platforms such as Telegram, Reddit, Pro Traders Chats, and Discord, whenever discussions about the novel coronavirus spiked, Bitcoin plummeted. [2020/3/10]

Coindesk analysis: BTC closed above the 10-day moving average, and may retry the $10,000 mark: Coindesk published an article analyzing the trend of BTC. The article pointed out that last Friday’s rally gave people the illusion that they will enter a bull market. But yesterday, BTC’s pullback from $9,990 to $9,258 dampened the immediate bullish outlook. The repeated failure of the bears has kept the price at levels around the 100-day moving average (4-hour chart), and a close above the 10-day moving average of $9,468 today could retest the $10,000 mark. The current bearish shoulder neckline resistance closes at $9,980 and a breakout is bullish to $13,475, although the target looks a bit far-fetched. In the short term, however, BTC may recover to $11,700 after the reversed head-and-shoulders breakout. Bearish case: A break below $8,652 (pennant low) would increase the difficulty of reversal and signal a short-term bullish trend failure. In this case, BTC could drop to sub-$8,000 levels. [2018/5/7]

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