The continued selling pressure from miners is increasing: The continued selling behavior of miners is one of the main drivers of the current market decline. They sell a large amount of Bitcoin, resulting in an increase in supply, which in turn puts downward pressure on prices.
Holdings Reach All-Time Low: According to reports, Bitcoin holdings have fallen to their lowest level since 2021. This suggests that investor sentiment may be turning cautious, or that they are seeking safe havens in other assets.
Significant resistance at 100EMA: The 100-day exponential moving average (EMA) is widely followed by the market and has become a key resistance point for the current price increase. The price has failed to break above this level, showing a lack of buying power.
Long upper shadows indicate a risk of a sharp decline: The recent long upper shadows may indicate that the market is facing a potential risk of a sharp decline. This technical pattern usually suggests that buying power cannot sustain prices and may trigger further selling pressure.
Market analysis and strategic recommendations:
In the face of these challenges and risks, investors should remain cautious and adopt the following strategies:
Set a reasonable stop loss point to prevent further losses.
Pay attention to changes in technical indicators, especially EMA and price patterns.
Keep a close eye on miners’ behavior, especially their selling dynamics, which could indicate where the market is headed in the short term.
Look for opportunities to trade against the trend, but execute with caution to avoid excessive leverage or excessive risk.
On the 4-hour level, the market is currently still range-bound, however, if the Bitcoin price breaks below the critical support of $64,000, it could signal further downside risks.
Market analysis and technical views:
The current market situation shows that Bitcoin continues to fluctuate in a range on the 4-hour chart. However, investors need to pay special attention to the fact that if the price falls below $64,000, it will show the strengthening of seller pressure and may trigger a deeper downtrend.
June 21 ultra-short-term entry suggestions
1. Go long around $64,500~$64,600
Entry point: It is recommended to go long around $64,500~64,600.
Stop Loss: Set the stop loss at $64,000.
Target: The target is set in the range of $65,100~65,300.
2. Long around $64,000
Entry point: Long positions are recommended around $64,000.
Stop Loss: Set the stop loss at $63,700.
Target: The target is set in the range of $64,500~65,100.
3. Go short at 1-hour 200EMA
Entry point: It is recommended to short near the 200EMA resistance level on the 1-hour chart, with the short price set around $66,000.
Stop Loss: Set the stop loss at $66,400.
Target: The target is set in the range of $65,300~65,000.
Market Analysis and Technical Views
For ultra-short-term trading, the following are key insights and strategic suggestions:
Technical resistance and support: According to the current market situation analysis, the $64,500 to $64,600 range is considered to be a support level, while the $64,000 area is also an important support area.
Stop loss setting: In order to effectively manage risks, it is recommended to stop loss at the set stop loss point to ensure that the loss is controlled within an acceptable range.
Target setting: Target setting takes into account the possible volatility of the market and the potential for price rebound, which is conducive to quickly gaining profits in the market.
