📉 Bitcoin (BTC) faces downward pressure, market sentiment is low
Bitcoin has experienced a brief rebound amid a global asset sell-off, but it is still facing downward pressure, trading close to its 50-day moving average. Market analysts warn that if support is lost, it could fall to $55,000. At the same time, major cryptocurrencies such as XRP have also been affected, and overall market sentiment is low, especially in August, a historically poor month for Bitcoin, and market participants need to be cautious about possible volatility.
Key points:
1️⃣ Short-term rebound is still under pressure: During Friday's Asian session, Bitcoin rebounded from a low of $62,500, but failed to hold steady, and is currently trading close to its 50-day moving average, a key technical support level. If Bitcoin's support level is broken, it could fall further to $55,000.
2️⃣ Poor performance in August: Historical data shows that August is usually a poor month for Bitcoin. In the past 13 years, there have been only five increases in August. The current market sentiment is low, and investors need to be particularly cautious to avoid investment mistakes caused by emotional fluctuations.
3️⃣ Major cryptocurrencies fall: Not only Bitcoin is under pressure, but other major cryptocurrencies are also not immune. In the past 24 hours, ETH fell by 1.6%, while XRP and Solana (SOL) fell by as much as 8%. This general downward trend has further exacerbated market concerns.
4️⃣ ETF fund flows: Although the daily net inflow of Bitcoin ETFs listed in the United States reached US$50.6 million, some ETFs still experienced fund outflows, showing that investors are risk-averse. This change in fund flows may have a short-term impact on the market.
5️⃣ Microstrategy's performance: Despite the overall market's poor performance, Microstrategy performed well in the second quarter of 2024, with its Bitcoin holdings per share increasing by 3.7%. This data shows that some institutional investors still have confidence in Bitcoin and believe that its long-term value still exists.
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