Although Bitcoin has once again reached a new high, it is noticeable that the rate of this round of increase has significantly slowed down, and the market supply and demand are gradually tending towards balance.
Due to the insufficient duration of consolidation at high levels, if this trend goes straight up, it will face large-scale selling pressure. If there is no extremely strong demand force to intervene, it will be difficult to drive the coin price to continue rising. Therefore, it is still determined that the possibility of Bitcoin adjusting in the short term is relatively high. Even if a sideways consolidation replaces the adjustment, it is also difficult to achieve a significant upward trend.
Ethereum is linked to this, with its exchange rate continuously testing the right-side support. If we judge the bottom has already formed based on the pattern, then the subsequent exchange rate will start a rebound trend and is expected to break through the pressure level of 0.04.
In terms of altcoins, they are showing a linked trend, and there have been no significant signs of recovery in the capital market. Only certain sectors have opportunities, and we need to wait for the speculative sentiment to recover.
Currently, a large number of altcoins are still in the bottom area, and the most frenzied altcoin season has not yet arrived, so patience is still required.
Market data shows: The Fear and Greed Index is 87.
