The cryptocurrency market is in a "carnival", can Bitcoin continue to rise?
According to 21 Finance, there is short-term selling pressure on Bitcoin. Ding Zhaofei, chief analyst of HashKey Group, said that the sharp rise in the short term triggered a part of the selling by investors. On-chain data shows that more than 20,000 bitcoins have flowed out of centralized exchanges this week, indicating that the scale of selling is less than the scale of new investors' sweeping. As of November 16, the average floating profit of short-term investors remained at a high level of 26%, indicating that there is still a large selling pressure in the subsequent market. Once the inflow of funds slows down, the short-term price may go down. The market's long and short wills are quite different, which is also the reason for the recent violent market fluctuations.
