Market dynamics and capital changes, speaking with data
The data collection comparison is the data of last Friday. After two days of weekend and the release of data on Monday, we can see that the market has declined in the decline of Bitcoin, but the decline of Ethereum and altcoins is greater than that of Bitcoin itself. The market sentiment preference is still shifting to security rather than risk. Traders lack confidence in Ethereum and altcoins.
It can also be concluded from the trading volume that although the overall trading volume has increased, the increase in Bitcoin's trading volume is the largest. The increase in the decline represents the increase in buying power. As Bitcoin touches the key support, the buying power is increasing.
In terms of funds, the retained funds on the market increased by 1.5 billion, and the net inflow of funds off the market was 1.51 billion, which means that only 10 million of the funds inflow off the market participated in the transaction, and the remaining retained market remained on the sidelines. This attitude can be regarded as a trend of preparing to buy at the bottom.
At the same time, after the continuous outflow of US funds last week, this week improved and began to flow in positively, indicating that the sentiment of US traders has gradually improved.
At present, the overall assessment is that as the price of Bitcoin falls, although the Ethereum altcoin has fallen more, the funds are still positive. Once Bitcoin or altcoins start from a key position, it may successfully stimulate a certain buying power. The key position involving emotions should be around 60,000-61,2000.
Although the price is falling, the data is in a positive state.
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Stimulated by last night's data, Bitcoin also started a new decline and rebound along with the decline of US stocks. It has now fallen below the 1-hour, 4-hour and daily Bollinger bands, and has not stopped falling for the time being.
The current focus of support is around 61,200. This support has appeared many times in my article. It belongs to the Fibonacci golden support level. It will provide effective support and rebound capabilities for short-term declines, but it is necessary to consider whether the decline is caused by negative sentiment. This is very important.
At the same time, this support is also the key position of the M top. Once it falls below some, the M top enters the confirmation market, and the price is more likely to continue to fall.
Of course, all this is based on the natural market trend, such as the impact of last night's data and geopolitical influence, which are not within the support consideration range.
The price rebounded in the short term, and the nearest resistance is 65,000, followed by the key 68,200 position. The short-term market judgment can be made based on the breakthrough of these two resistances.
The RSI relative strength index fell below 30 and is currently at 27, which has triggered an oversold rebound sentiment. Since the recent decline is due to market sentiment, RSI triggering an oversold rebound sentiment will help the support rebound of 61,200.
Let's continue to look at market data and let the data speak for itself.
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