Yesterday, BTC had a false breakout. As soon as it hit 70,000, it began to fall back and fell rapidly. There was also a large amount of selling at small levels. It fell directly from 70,000 to below 67,000 in the evening. After another test in the morning, it fell directly below 66,000. The price fell directly by more than 4,000 from yesterday's high point.
The selling pressure is still very high, but this is actually a normal upward process. If there is no continuous supply and major news, the market will slowly move out. There is no continuous supply in the small-scale rebound. The next test can focus on 64,800.
Ethereum (ETH) is relatively resistant to this decline, as it has already fallen a lot. Currently, the daily line has just broken through the moving average and has not yet increased in volume.
The exchange rate of ETH has also started to rebound. If there is continued liquidity from ETFs, the strong period of ETH is expected to come earlier, so we can focus on ETH and its second-layer solutions. The upper side of ETH is around 3450, and the lower side is around 3260.
About the news:
Coinbase will list Stader ($SD) on July 30.
NKN ($NKN) announced a mid-year update for 2024 with plans to expand to Solana.
Maker ($MKR) CEO Rune announced that Endgame integration plans will be released this week.
Bybit will suspend borrowing (UTA), crypto loans, and Bybit savings for $USDE from July 30 until further notice.
Jito ($JTO) has become the leader among all blockchain fee generators within 24 hours, with its CEO hinting at a “new bell curve” coming soon.
The US government has transferred $2 billion in Bitcoin associated with the Silk Road. This was most likely part of a Coinbase custody contract.
Humpy and Compound ($COMP) appear to have reached a truce. Humpy will withdraw its proposal, and in return Compound will share the fees earned with $COMP holders.
Market interpretation:
Although the accelerated decline of Bitcoin was affected by the news, there were too many positions where the air force was liquidated near 71000. 70,000 is an important position for long and short game, and any news that can drive market sentiment has a direct impact on the price of the currency.
In addition, Sun Ge is also working on Bitcoin. Everyone knows that he is a weather vane in the industry. Although I don’t want to mention him specifically, his counter-indicators are still very accurate, which has been verified several times.
The current market situation needs time to digest, but there will definitely be a second-level explosion. Just hold on to the spot you hold now, and the explosion will happen soon. When the explosion comes and the rise accelerates, many people are reluctant to chase in, but once the volume continues to rise, it will lead to miss the pump, so just buy in batches every time it pulls back.
Finally, there are still many things that are not written down, such as specific opportunities and specific decisions. These things are often not something that can be summarized in one article.
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