Has the market bottomed out and is rising inevitable?
At 2 a.m. today, the price of Bitcoin plummeted to $65,764.5, but it rebounded in a blink of an eye. After a month, it stood on the $68,000 mark again and is now stable at around $67,900. Ethereum is also the same. It jumped from the low of $3,411 and is now stable above $3,527. Let's talk about the excitement of this market and various opinions.
Optimists: Buying has the final say, strength speaks
The market is surging with buying, and institutions are also increasing their positions. This week, the Bitcoin spot ETF in the United States has attracted money for three consecutive weeks, a total of $1.196 billion. Especially on Monday, Tuesday, and Friday, tens of millions of dollars were brought in every day. Now these ETFs hold more than 900,000 Bitcoins, almost catching up with half of the total amount of Bitcoin, and the assets are all $60 billion.
Why is ETF so important? Because compared with the little bit of Bitcoin mined by miners, the movement of ETFs and exchanges is much bigger, and the impact on the market can be several times higher.
Pessimists: Rebound quickly, fall quickly
They think that this rebound is temporary and will not last long. Bitcoin is now expensive, and compared with its cost and gold price, it feels that it can't hold up, and may fall back to normal levels.
However, they also said that there will be less liquidation after July, and it may be better in August, and Bitcoin futures may rise with gold futures. But at present, the price of Bitcoin is still like going down the stairs, with highs and lows going down, which doesn't look good.
Technical side: Bitcoin is going downhill
From a technical point of view, Bitcoin is now in a downward channel, which means it may continue to fall. But compared with gold, Bitcoin still has long-term potential. Now the BTC/gold ratio chart is changing, and it may rise to a good situation.
Market sentiment is optimistic, waiting for good news
The market sentiment is quite optimistic now. Although there are some bad news from time to time, everyone still believes that it can rise. Especially the good news of interest rate cut in September and the listing of ETH spot ETF may make the market hot again. Let's wait and see!
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