Speaking with data: Changes in crypto market data and capital
Today's data adds stablecoin data.
According to today's data, the largest decline in market value in the decline of Bitcoin is still the cottage market, followed by Ethereum, and then Bitcoin. After a few days of active stabilization, the cottage market has seen a retracement of gains again. As optimism about US stocks turns to disappointment, the mood of the cottage has changed significantly.
In terms of trading volume, as the decline, the trading volume gradually increases, and the market is not blindly pessimistic. There is still buying power in the decline. If the trading volume continues to increase in the subsequent consolidation and decline, it proves that as the price falls, the purchasing power of traders increases, which can be regarded as a disguised decline to activate purchasing power. However, the cottage market is indeed shrinking and falling, and the pessimism of the cottage is still strong.
In terms of funds, the retained funds on the market increased by 200 million, and the net inflow of off-site funds was 180 million, of which Asian funds inflow was 330 million, continuing to inflow steadily, and the net outflow of US funds was 150 million, continuing the outflow of funds this week. At present, with the market falling, there is still no sign of US funds returning. Currently, only the Eurasian market is supporting the price of Bitcoin. If we want Bitcoin to rebound significantly, we still need the power of US traders.
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From a purely technical perspective, the current sentiment is not very good, and the risk of short-term decline still exists and is not small, but this is not a signal of blind bearishness. The technical aspect is only a reference, and the current focus is still to refer to market data changes and market sentiment.
Let's talk about the rising resistance level first. The short-term resistance level moves down during the decline and is currently around 66,000.
The current decline, falling below 65,000, basically falls below the bottom neckline of the daily M top. The break at this position, from a technical point of view, will continue to fall. At present, the overall pressure is given to the support of 61,200. As the Fibonacci gold support level, coupled with the signals given by various indicators at present, this position has the best support effect, but the pressure is also huge. Once it breaks through, the integer level below 60,000, and below, there is not much effective support.
Until around 55,000, there is a lot of room for decline. Of course, the risk of decline is not completed overnight, which requires a process.
The RSI relative strength index has fallen to around 40. Once it falls below 30, it will touch the oversold rebound sentiment.
Combined with the current market situation, as long as the 61,200 position can withstand the pressure and form support, there will be a rebound in market sentiment. During this period, I hope that the US stock market can bring positive driving effects and help the support below to provide rebound strength.
Later we will see what answers the market data brings us.
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