🔥🔥🔥German government transfers Bitcoin, BTC trend analysis
Overnight, the crypto asset market changed suddenly, as if from summer to winter. Although the outside world is still hot, when checking the account, it makes people feel cool. Multiple negative news came one after another, causing the market to plummet:
German government sells BTC: This move undoubtedly dealt a heavy blow to market sentiment.
Mt.Gox repays creditor assets: There is a potential risk of more than 140,000 BTC flowing into the market, further exacerbating market concerns.
BTC ETF fund outflow: The rapid withdrawal of institutional funds from the market has intensified the market's selling pressure.
US election and Fed rate cuts: The uncertainty of the election results and the difficulties faced by the Fed's rate cuts have also added a lot of uncertainty to the market.
BTC and ETH, the two major mainstream varieties, continue to fall under pressure. During the US trading session from 21:00 last night to 6:00 the next morning, although there were signs of a short rebound, the market then ushered in a new wave of declines during the Asian session, successfully breaking through the previous low support positions of 3000 and 58400. The weekly price even touched the lower Bollinger track, showing the extreme weakness of the market.
The market greed and panic index has dropped to 29, a new low for the year, reflecting the general panic among investors. Many mining machines in mining farms have reached the edge of the shutdown price, and the market atmosphere is extremely pessimistic. However, from the perspective of profit and loss odds, the market may be in an oversold state and may rebound at any time.
In the current long-short game, although the short forces have the upper hand, in the long run, the long-term capital strength may still surpass the short side. Therefore, for spot investors, in the process of the market constantly bottoming out, fixed investment in mainstream assets such as BTC, ETH, SOL, TON, etc. is still a reliable choice.
For investors with high risk appetite and proper position management, they can consider using the inverted pyramid method to gradually build positions in the above four assets. Once the market's downward trend is contained and a rebound begins, you can use the previously invested assets to conduct long trades within 5 times the currency base to obtain high returns. However, please be aware of the importance of risk control and position management to avoid potential losses.
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