The crypto market experienced a rebound today. Bitcoin rebounded from $57,000 to $59,400, and Ethereum also rebounded to $2,530.
Altcoin as a whole are also rebounding along with the broader market, with the Bitcoin ecosystem performing the strongest, with ORDI and SATS both rising by more than 15%.
The news worth noting is:
1. Santiment says: Bitcoin shows signs of recovery
Santiment, a crypto market analysis agency, also published an article on X: Due to the Labor Day holiday in the United States, the S&P 500 index suspended trading, but Bitcoin began to show signs of recovery.
As traders become increasingly bearish and panicky, the market may be about to rebound.
The Labor Day holiday in the United States is about to end in the next few days. U.S. stocks will reopen tonight, and market liquidity will gradually recover.
It can be seen that the main investors in the current crypto market are American investors.
As American investors took a break in the past few days, the liquidity of the crypto market has dropped significantly. With the decrease in liquidity, the purchasing power has also dropped, resulting in large price fluctuations in the past few days.
2. Bitcoin faces continued selling pressure between $61,700 and $70,500
According to data from IntoTheBlock, approximately 7 million addresses previously purchased Bitcoin between $61,700 and $70,500.
Since many people who bought Bitcoin in this price range are currently losing money, investors will choose to sell whenever the price of Bitcoin approaches this level.
This means that Bitcoin is facing great selling pressure in the price range of 61,700-70,500, which is why it is difficult for Bitcoin to break new highs. To break through this pressure and set new highs, Bitcoin needs strong upward momentum. But from the current data, it is mainly short-term holders who are selling in the past 24 hours, and large holders have been continuously buy the dips at the bottom recently. According to the data, the number of wallet addresses holding more than 100 bitcoins has reached 16,120, a 17-month high. Wallets holding at least 10 bitcoins are also increasing their holdings.
Together, these wallets have accumulated more than 133,000 bitcoins worth more than $7.6 billion over the past 30 days.
3. Data shows: A smart money address buy the dips more than 4,000 ETH again after 9 months. On-chain data analysts have detected that a smart money address that earned $5.16 million by short Bitcoin when LUNA/UST collapsed has started to build ETH positions again after 9 months. In the past 7 hours, this address bought 4,192 ETH at an average price of $2,490 per ETH, with a total value of approximately $10.43 million. Subsequently, these ETH were pledged into Lido and RocketPool. This shows that smart money is buying Ethereum again, and they are optimistic about the future trend of Ethereum.
4. If Bitcoin falls below $56,000, the long order liquidation amount on mainstream exchanges may reach $1.12 billion
According to Coinglass data on September 2, if the price of Bitcoin falls below $56,000, long positions on mainstream exchanges may be forced to liquidate, and the total amount may reach $1.12 billion.
On the contrary, if the price of Bitcoin rebounds and breaks through $59,000, the liquidation amount of short positions may reach $970 million. This means that the market will fluctuate greatly in the short term, and those who play contracts should be careful, as there is a demand for plug-in contracts in the market.
5. The number of users of Telegram mini program FreeDogs has exceeded 5 million, and airdrops will be provided to users
A small program called FreeDogs on Telegram has exceeded 5 million users just 6 days after its launch.
The background of this mini program is a petition for the founder of Telegram. Users can send paper airplanes of various colors to the Eiffel Tower with a simple click to express their support for the Durov incident and their desire for free speech. In addition, FreeDogs also stated that airdrop rewards will be given to community users in the future.
In general, as the U.S. investor holiday ends today, U.S. stocks will reopen in the evening, and liquidity in the crypto market will gradually recover.
This week, we can focus on Friday's non-agricultural data, which will affect short-term market sentiment and price trends. For more practical content, you can add assistant vx: changjian099 to join the group
