Has Bitcoin hit bottom?
A few weeks ago, Bitcoin plunged from $71,000 in a flash crash, and the price has fallen 16% since it was close to its all-time high. The Federal Reserve lowered its rate cut expectations to one this year after its June policy meeting, which put pressure on risk assets.
Bitcoin's fundamentals have not changed much, and the main pressure factors are as follows:
1. Spot Bitcoin ETF fund outflows
2. The German government sells seized Bitcoin
3. Mt. Gox creditors expect to sell
4. Selling pressure from miners
Although Bitcoin is currently facing huge selling pressure, its RSI indicator has fallen to a new low since August last year, indicating that Bitcoin may have been oversold and usually there will be a certain rebound. In addition, the application for Ethereum ETF is progressing smoothly, which has also brought some positive news to the market.
Overall, although Bitcoin's selling pressure is large, everything will not be too far away, and patiently waiting for the market to rebound is the key.
