The Bitcoin market has been falling recently, and the market blames several reasons: German government sales, Mt.Gox repayments, slowing inflows of spot ETF funds... At around 8:30 earlier, according to Arkham tracking data, Mt.Gox has transferred 47,228 BTC (up to $2.7 billion) from cold wallets to wallets starting with (1L7Xb...), most likely in preparation for repayment.
Perhaps affected by this, Bitcoin fell to a low of $56,680 at the same time, very close to the previous low of $56,552 set on May 1. The total amount of liquidation in the entire network exceeded $510 million (about twice that of yesterday), and more than 188,000 people were liquidated.
In fact, we should not panic at this time! More and more factors are gathering to support the market bottoming out.
1. Bitcoin has fallen to the moving averages of multiple time dimensions of technical indicators.
2. Bitcoin weekly line is about to reach below the middle track of the Bollinger Band. In the past bull market, every time it reaches this point, it is the super bottom area, and then it usually washes out the market on the lower track for 5 to 7 weeks before starting a new round of market. (If this is the case, the market will come at least before the interest rate cut)
3. Falling below the integer mark of 6 and repeatedly washing it out will make people more likely to panic.
4. The negative news from Mentougou has exacerbated market panic. There was no response to Grayscale’s previous selling, and the effect of the negative news will be more easily magnified when the market falls.
5. It has currently fallen to the shutdown price of some mining machines.
6. Retail investors’ confidence is gradually collapsing, and those who are bullish now will be scolded.
The worst-case scenario is the red line, around 42,000U. If it continues to fall there, you can sell your house and everything you have to buy it. This is a rare opportunity in a lifetime. (It may not reach the red line, it can only be considered as the worst-case scenario)
In the current so-called bull market, the altcoins have fallen even more miserably than in the bear market, and the altcoins have fallen to the bottom. When Bitcoin rises, altcoins rise slightly, and when Bitcoin falls, altcoins plummet. Especially those VC institutional value coins that have been launched recently, they have been falling all the way, and there is no end in sight. Now is the bull market correction of Bitcoin and Ethereum, and altcoins have actually entered the bear market long ago. However, after the correction of Bitcoin and Ethereum, they have to continue to rise to new highs.
In short, in this bull market, Bitcoin is still the same Bitcoin, and Ethereum is also okay, but it is a copycat. The current wash-out is exactly the same in magnitude and time as the pullback in the previous bull market. The longer Bitcoin fluctuates between 5 and 6, the greater the opportunity space for copycats will be.
Although the second half is the home of hot cottages, this wave of clean-up is thorough, with favorable expectations and good narratives in the future, the room for explosion is definitely larger than the first half, and everyone’s return is not a problem, but a matter of how much profit they make. However, in the future, we must adopt a separate strategy for cottages, and we cannot do cottages according to the thinking of bulls and bears. The future market will only become more and more difficult to play, so it makes me more determined to only do staged market conditions.
Only use strength to speak, and use value to reflect! We will help you control the position accurately and grasp the profit. When the market is good, you can make money no matter how you play, but you must know that the market will not always be good! ! ! When to buy and when to sell in the market is important. If you want to get higher returns, the choice is yours, and choice is greater than hard work!
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