The more important data today is that the 7-day average of the profit rate when selling after noise reduction (Adjusted SOPR) has returned to 1.0. When the value of asopr is less than or equal to 1, it is generally considered to have reached the relative bottom. Therefore, although the overall BTC market has not seen a clear stop in the decline, it is not advisable to be overly bearish.
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Qingmei Zhubi: Talk about where Bitcoin may stop falling
Bitcoin market analysis
The previous article made some unreliable speculations about the market, please see "Qingmei Zhubi: Where is Bitcoin in the cycle? Make an unreliable speculation!" for details.
Today continues to be unreliable.
On June 22, an article titled "Qingmei Zhubi: Bitcoin fell below the long-short balance point" was published, which specifically mentioned that the three-day line of CME BTC futures formed a bearish three crows candlestick pattern, and then ushered in a round of larger declines. The current moving average is suppressed, and there is still no sign of stopping the decline, as shown in the figure.
The cost price of short-term holders (Short-Term Holder Realized Price) has risen to 64,500 and is still rising slightly every day. This is an important pressure point for future rebounds.
The previous article made some unreliable speculations about the market, please see "Qingmei Zhubi: Where is Bitcoin in the cycle? Make an unreliable speculation!" for details.
Today continues to be unreliable.
On June 22, an article titled "Qingmei Zhubi: Bitcoin fell below the long-short balance point" was published, which specifically mentioned that the three-day line of CME BTC futures formed a bearish three crows candlestick pattern, and then ushered in a round of larger declines. The current moving average is suppressed, and there is still no sign of stopping the decline, as shown in the figure.
The cost price of short-term holders (Short-Term Holder Realized Price) has risen to 64,500 and is still rising slightly every day. This is an important pressure point for future rebounds.
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