Bitcoin has entered a downtrend and may fall to $55,00020:19

In the latest report, Markus Thielen, CEO of 0x Research, analyzed in detail the reasons why Bitcoin may fall to $55,000.

Downtrend and Strategy

The report pointed out that Bitcoin has entered a downtrend since June 20. Trend-following funds (CTAs) also follow similar strategies and may aggressively establish short positions, especially when volatility decreases or is low. Currently, Bitcoin's realized volatility is only 30%.

Technical indicators and market signals

The report also emphasized that both weekly and monthly indicators have issued bearish reversal signals, indicating that the market is undergoing a broad adjustment. Specifically:

Relative Strength Index (RSI): The RSI on Bitcoin's weekly dollar chart has been declining since its peak in early March. Monthly Stochastic Indicator: Shows a similar pattern to the peaks in January 2018 and May 2021, suggesting that the market may face similar adjustments.

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Conclusion

Based on these technical analyses and market signals, Bitcoin may fall to $55,000 in the coming period. Investors need to pay close attention to these key indicators to make more informed investment decisions.

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