Will Bitcoin collapse again? $BTC
The recent fluctuations in Bitcoin prices are affected by multiple macroeconomic factors, and it is predicted that it may fall below the $50,000 mark in the next few weeks. The German government's move to sell Bitcoin has added fuel to this downward trend. However, US economic data and expectations of interest rate cuts have given the Bitcoin market a shot in the arm, attracting a lot of funds to flow into Bitcoin investment funds.
Although Bitcoin has rebounded a lot from its lows, the market generally believes that it may fall further. During this period, the decline in US Treasury yields has made high-risk assets such as cryptocurrencies and stocks more popular with investors. Bitcoin has also risen with the surge in the stock market.
Nearly $400 million of funds flow into Bitcoin investment funds every week, and the net inflow of funds in the entire crypto market is as high as $441 million. These positive macroeconomic factors and capital inflows provide technical support for Bitcoin's rebound.
The Bitcoin market has also been in turmoil recently. Mt. Gox has to pay its debts, and the German government has sold a lot of Bitcoin. These two things add up to billions of dollars of Bitcoin to sell in the market, which makes traders worry that Bitcoin will continue to fall.
Will Bitcoin fall all the way below $38,000? From the weekly chart, Bitcoin has fallen below the previous consolidation range and is unlikely to go back. The weekly relative strength index (RSI) also shows that the market is currently in a bearish state and may have to fall for a while until the RSI reaches the oversold level, that is, below 30, before it can rebound.
As for $50,000, many people think this may be the next bottom for Bitcoin. There is a technical analysis called the "Bat Harmonic" pattern, which says that Bitcoin may reverse near this price. However, this depends on the actual market trend and changes in trading volume. My personal opinion is that we have to wait and see if the market can find long-term support below $50,000 before considering entering the market. #德国政府转移比特币
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