Yesterday’s Bitcoin Market Updates
Last night, Bitcoin rose strongly and broke through the strong resistance of 65,000, which exceeded the expectations of the day! Currently, Bitcoin is consolidating at the 65,000 US dollar level, and the trend is still healthy.
The target range is still between $66,000 and $68,000, but there may be a need for a small correction in the short term. The 4-hour chart shows that the upward momentum is slightly insufficient and there is a slight divergence, but this does not affect the overall trend. Don't worry too much, this is just a normal correction!
Big good news!!!
CZ will be released today, two days earlier than originally scheduled, because prisoners often leave detention early if their release falls on a weekend. CZ has been in federal custody since April, when he agreed to return to the United States from Dubai.
During this time, CZ first spent two months in a low-security prison in the California desert, and then was transferred to a halfway house in Long Beach. According to prison officials, CZ was not only free to go out there, but also allowed to go to the movies. Doesn't it feel a bit like a " vacation "?
However, CZ’s lawyer said he did not plan to be interviewed on the day of his release.
Bitcoin dominates, crypto market sentiment hits a two-month high, and the greed index reaches 61!
Signs of market recovery have emerged
The cryptocurrency market sentiment index soared from 50 the day before to 61! This means that market sentiment has reached its highest point in two months , breaking away from a month of " neutral " state and directly entering the " greed " stage!
This dramatic change fully demonstrates that the confidence of investors and traders is recovering rapidly and the market sentiment is becoming more and more positive. This may also mean that the market trading activity will increase significantly.
Bitcoin whale withdraws 3,501 BTC from Binance, driving price up sharply
Today, news broke that a “whale” has withdrawn a total of 3,501 BTC, or about $221 million, through Binance in the past three days, which has had a significant impact on the cryptocurrency market! And just one hour ago, the whale withdrew an additional 100 BTC!
The behavior of this "whale" is very worthy of attention because the price of Bitcoin tends to rise significantly after each large-scale withdrawal.
Currently, the whale’s holdings total 4,062 BTC, worth about $262 million, which also highlights his strong influence on the market. The trend has shown that the market may have a big move!
And recently, as the Federal Reserve announced a 50 basis point rate cut, China also followed suit and started quantitative easing. According to Xinhua News Agency, the People's Bank of China will cut the reserve requirement ratio by 0.5%. This operation will release 1 trillion yuan, equivalent to 140 billion US dollars of liquidity. This move marks the turning point of global liquidity!
So what does this mean? Check out the pictures!
The chart shows the changing trend of the money supply M2 of major economies around the world. You may think that the trend of Bitcoin seems to have no regularity, but in fact, it is highly positively correlated with the global money supply M2. When M2 falls, Bitcoin falls; when M2 rises, Bitcoin rises! It's that simple and crude!
However, in the past two months, global liquidity has begun to recover, but the price of Bitcoin is still hovering around $60,000. This is a typical bullish divergence ! Global liquidity has increased, but the price of the currency has not moved . Once this opportunity breaks out, the market will be out of control!
What is a bullish divergence? Let me explain it to you.
The fundamentals are moving in an upward direction, but the market has not reacted yet. Once it reacts, the market will explode!
The most important thing is that the Federal Reserve and major countries in the world have entered a loose cycle, and M2 will continue to soar in the future! The bull market in the crypto can be said to be imminent! Now as long as you hold on to your coins firmly, making money is almost inevitable.
Friends, the bull market is coming, are you ready? Hold on to Bitcoin, and wealth and freedom are just around the corner!
Finally, there are still many things that are not included, such as specific opportunities and specific decisions. These things are often not summarized in one article. If you want to know more about the wealth code or have any questions, follow the official account: Blockchain A Zheng
