The continuous decline of BTC has made many retail investors unstable and complained about the difficulties of this bull market. The negative sentiment in the market has not been fully digested.
Market status
Recently, due to factors such as Mt. Gox compensation, the sale of BTC by the United States and Germany, and the unlocking tide, large-scale sell-offs have triggered large-scale liquidations on and off the chain, resulting in low market sentiment and falling prices. In the blog post on June 2, it was mentioned that once Bitcoin falls below $60,000, market sentiment will further deteriorate, triggering a series of negative reactions. This prophecy came true, attracting more sell-offs and liquidations, forming the largest liquidation wave since the collapse of FTX, and the second largest liquidation period in history.
Confidence in the market
Some fans asked whether they can continue to invest in the currency circle. Although this wave of market conditions has hit retail investors hard, we should still maintain confidence in the market. Bitcoin is still one of the assets with the highest long-term returns in decades, and there are still profit-makers in the currency circle who create miracles.
Market Analysis
In the blog post on June 30, I analyzed Bitcoin's daily, weekly, and monthly K-lines, and pointed out that this week is a key week, predicting a slow rise and oscillation after a sharp drop. So, what will be the trend next week?
The previous $60,000 defense line has now become a resistance level. In next week's market, we need to pay attention to the inertia brought by the decline and make plans for the oscillation range. The panic in the market has not completely subsided.
Suggestions
In the current market, I warn everyone: Patience is more important than passion, and caution is more effective in protecting wealth than courage. In the downturn of the market, it is more necessary to treat investment rationally and do a good job of risk management.
Only by maintaining confidence and making reasonable plans can we be invincible in this volatile market.