A Bitcoin spot ETF saw inflows yesterday, indicating that institutions are still optimistic about the entire market.
With the panic action yesterday, some of the giant whales had their stakes on Ethereum liquidated. They used this operation to go long on Ethereum and were eventually liquidated. Will they continue to liquidate some people?
One of the biggest pain points of Bitcoin may be around US$56,500 today, which means that there may be a fan rebound in this wave, but there will be another wave of bearishness at the end of the month. So now, although it has moved out of the lower edge of the descending channel and has not completely broken through, it has already shown a subtle change. We can judge that it is likely to form a double bottom pattern. If it breaks through the lower edge of the descending channel again, there is still a risk. If it fan rebounds to more than US$58,000 and then there is a pullback, then its pullback position is also at 54,000 below and then fan rebounds again, forming a double bottom pattern. The daily MACD shows a situation of extremely large volume pullback, which is rare, so we must take the changes in the entire market seriously.
Yesterday, some news came out that Ethereum might be traded online through a spot ETF on the 8th or 15th. At this time, there were billions of dollars flowing in, as well as the outflow of Bitcoin from the Mentougou incident and various government agencies. Yesterday, when the panic spread, there were also rumors that some Bitcoin had been sold in the mainland and some companies in Zhejiang were used to sell it. It was indeed seeing all kinds of negative news flying around, causing the market atmosphere to reach a freezing point. Subsequently, the price once broke through the lower position. Now it has fallen to the current position. Has it reached the bottom? From the highest point to now, it has fallen It has increased by nearly 28% and it took nearly 110 days. In the last round of market, it was still in the bull market when it fell for such a long time. In fact, it fell for nearly 8 months before a rebound occurred. But this round of market is different, right? It directly broke through the historical high and then quickly pulled back. If we calculate based on time, if it really falls below, its support point may be at a level of more than 46,000 US dollars. At present, it has formed a good position for a fan rebound, so the market may pull back and rebound after a pullback.
Ethereum will be traded online through spot ETF in the future. Whether its price can stabilize depends on whether the support point below can support the level of more than 2,750 US dollars. Its downward channel is also very obvious. At present, with this wave of rebound, it may give everyone a break for one or two days, because this wave of rebound may wash back and forth. Bitcoin's support point below is still more than 55,600 US dollars, and the upper resistance point is 57,000. Ethereum's support point below 2,800 is 600 million US dollars, and the upper resistance point is about 3,100.
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