Bitcoin (BTC) approached US$64,000 last week and then fell back to the US$62,000 range. In response, the CryptoQuant analysis team pointed out that Bitcoin is between a "key psychological turning point" and an "optimistic zone", and investors' psychological state It has a significant impact on the price trend of Bitcoin. Bitcoin must stay above $60,000 for a long time and wait for the market range to be sorted out before it can break through upward.
Analysts emphasized that historical data shows that when "supply-side profitability indicators" are at high levels, investors are more optimistic about the market, which also contributes to the continuation of the bull market. Bitcoin is currently testing this optimistic area. If it can be maintained, the price may rise further. Bitcoin represents that most traders are still making profits. Assuming that the trend can be maintained, these investors will not sell Bitcoin. , instead waiting for new money to push prices higher.
But investors must also be careful about one thing. There are market rumors that the US government plans to sell 69,370 Bitcoins confiscated from the darknet market Silk Road, worth approximately $4.3 billion. This could trigger a bearish trend, as was the case when Germany sold Bitcoin this year, but we are not worried about this. The US government sale will not be as stupid as the German government's direct secondary market selling. The standard procedure is still through auction. The method changes hands directly through over-the-counter transactions, which in the past did not have much impact on market prices.
Statement: The article only represents the author's personal views and opinions, and does not represent the objective views and positions of the blockchain. All contents and opinions are for reference only and do not constitute investment advice. Investors should make their own decisions and transactions, and the author and Blockchain Client will not be held responsible for any direct or indirect losses caused by investors' transactions.
"MICA Daily｜CryptoQuant: If the rise is expected to continue, Bitcoin will hit a new high" This article was first published on (Block Guest).
