Massive Bitcoin sell-off sparks market fears
1. [German Government]: The German government sold tens of thousands of BTC within half a month;
2. [Mentougou]: The Mt.Gox bankruptcy trustee has started the repayment of BTC and BCH through some exchanges;
3. [Bitcoin Spot ETF]: The total net outflow of Bitcoin Spot ETF has accelerated significantly, with a large outflow of funds in July;
In the past 24 hours, the total amount of liquidation in the entire network reached 680 million US dollars, of which the amount of long orders liquidation reached 590 million US dollars. The current total market value of the crypto market has fallen by about 9%, falling below 2.2 trillion US dollars and is now reported at 2.03 trillion US dollars.
What is the current situation?
In the current market, if we consider a potential downward channel, even if it falls below the range, there are still many support levels. If the price moves out of the small-level accumulation range after panic selling at these positions, there is still a chance to return to the upper edge of the channel and reach a new high!
Therefore, you can be bearish and short, but you can't be too short. When you see the price start to stabilize and fluctuate at these key support levels, you should consider whether this round of callback is in place. The market sentiment is different from personal sentiment. You will filter out negative information because of your own positions, but the market will not!
Will there really be another black swan in July?
The main reason for the current market decline is that there is a large-scale sell-off due to the shortage of liquidity over the weekend, but the purchasing power is far from enough to cope with it. The United States will resume work tomorrow and there will be non-farm data in the evening. The current unemployment rate is one of the data that the Federal Reserve pays most attention to. It is both an indicator of economic recession and an indicator for measuring interest rate cuts. It is a bit rogue to talk about the next rise and fall without considering the non-farm data.
In the current so-called bull market, the altcoins have fallen even more miserably than in the bear market, and the altcoins have reached a bottomless depth. When Bitcoin rises, altcoins rise slightly, and when Bitcoin falls, altcoins plummet. Especially those VC institutional value coins that have been launched recently, they have been falling all the way, with no end in sight.
Now is the bull market correction of Bitcoin and Ethereum, and altcoins have already entered the bear market! However, after the official correction of Bitcoin and Ethereum ends, they will continue to rise and set new historical highs!
Your mindset determines how far you can go in the cryptocurrency world!
The market is actually very simple! If you are suffering now, it is because you have experienced too little! If you are like me, you don’t have contract leverage, no debt, and don’t put yourself in a difficult situation in life, then you should enjoy this stage!
I have said many times that the distinguishing feature of a bull market is that there will be at least two to three major midway adjustments during the entire process, and after each adjustment, it will continue to advance;
Unless it is the last decline, all previous declines are for a better rise. So, if you now believe like me that we are still in the bull market, then isn’t this decline the best buying opportunity?
Why do we say enjoyment? Because you can stand at a higher place, smoke and drink, and watch the "complaints, selling, anxiety, and pain" pouring out of the market. And you, with a slight smile, slowly enter the market without rushing or getting impatient. If the price drops a little, you buy a little! If it drops a little more, you buy a little more!
If you firmly believe that a bigger bull market will start at the end of 2024 and the beginning of 2025, then you should be like this, calm and wait for the wind and clouds to rise! You must have faith in the cryptocurrency circle to go further!
