Let the data speak: rebound and shrinkage, is it a mood improvement or a technical rebound?
As Bitcoin hit 56,000, it rebounded to 60,000 twice in just one day, and failed to break through and stabilize.
Today, the overall state of the market is shrinking in rebound, and shrinking in short-term rebound in decline, which basically means that the short-term short-term trend is weakening and the market is gradually optimistic. However, if an effective breakthrough cannot be made, it can also be regarded as a technical rebound, that is, an invalid rebound.
With the overall rebound of the market, the power of the altcoin market, which is still intimidated by Bitcoin, has exploded today. The proportion of altcoins increased by 0.68% in a single day, and the proportion of altcoins sucked the blood of Bitcoin, Ethereum and stablecoins. Of course, this is not difficult to understand. Some time ago, Bitcoin fell slightly, and the altcoins fell on a large scale, which led to the oversold rebound of this decline. Basically, the altcoins fell in advance, and they broke out in this rebound with a good rebound effect.
However, judging from the trading volume, the overall trading volume has declined slightly. In the market of falling rebound, once the trading volume is reduced, although it represents the weakening of short-selling power in the short term and the improvement of market sentiment, once there is no substantial breakthrough to stimulate the increase in volume, it is basically an invalid rebound of technical rebound. This needs special attention.
In terms of funds, the on-site fund retention increased by 300 million, and the optimistic mainstream stable currency USDT returned to the net inflow state again, but the US funds were still in the state of net outflow, with a net outflow of 3 million US dollars per day. A small part of the increase in on-site funds belongs to the inflow of other stable currencies, and more of the funds are retained in the market after the settlement of on-site transactions.
After the two-way outflow of funds from Asia and the United States, the Asian market has suspended net outflows, which is a good thing, but the continuous outflow of the United States itself still means that the market sentiment is not optimistic enough.
If the key resistance level cannot be broken, then this rebound is basically still a technical rebound, because the sentiment of funds does not look good.