July 7, 2024 Grandpa checks in
The market rebounded as expected, and the highest price of Bitcoin returned to 58,000, which is basically consistent with my judgment. According to the oversold rebound market, short-term chips that were bottom-fishing at low levels can be stopped at profit or partially stopped at profit at this position. Of course, since Bitcoin recovered the support of 56,000 after the rebound, this position may also form a staged bottom, so my suggestion is to consider trading in waves when there is a profit of more than 20 points. After all, the risk we take when bottom-fishing is also great, and it is meaningless to make a few points of profit.
According to historical experience, when the market plummets with large volume, there will be a recovery period in most cases. Therefore, even if there is a short-term rebound, I suggest not to be too optimistic. Of course, if there is a small range of fluctuations, it will give us a window period for bargain hunting. In addition, it should be noted that the market may also bottom out again in the next 1-2 weeks to confirm. Overall, I am not too optimistic about the short-term market, but I will not easily throw away the bargaining chips at this price. In the long run, this price is relatively low.
It is also worth noting that the German government transferred another 700 BTC to a certain address, and then transferred it to different exchanges in batches, which basically means that it continues to ship out. It is not clear how much the German government will ship out or at what price, but since it continues to transfer out after the big drop, it means that the shipment has not ended. However, the callback after this wave of rebound is also a normal decline after the high, so as long as the German government does not ship out intensively, its impact on the market price will not be very large.
In terms of buying, according to Farside Invertors data, Bitcoin ETFs had a net inflow of $230 million this week, mainly Fidelity's net inflow of $190 million. From the situation of ETFs, we can also know that Wall Street is also inclined to buy bitcoins when the US stock market is relatively strong. This time, the shipment of certain government teams has disrupted our rhythm. To some extent, it is a black swan event, which has accelerated the correction of the market. However, this is also common in the B circle, so I think it should be viewed and applied reasonably.
Thank you for your attention and likes.