Recently, the German government has continued to sell Bitcoin. Since the beginning of this month, more than half of the 50,000 BTC have been sold, and only 23,700 BTC are left. Although there is no further news of selling, the European Cup is about to end, and the funds of institutions and gamblers will slowly return to the cryptocurrency circle. In addition, there are rumors that Citibank may cut interest rates in September. Although the authenticity of the news remains to be confirmed, from the perspective of the market cycle, September-November may usher in a big rise. It is expected to be listed through the Ethereum ETF this week, but in the short term, Ethereum may rebound first and then fall again because it has not yet met the conditions for a sharp rise.

From a technical point of view, since hitting a low of 53,485 on July 5, the market has rebounded, reaching a high of around 58,475. However, the previous support level has failed to break through many times above and has now become resistance. On the weekly chart, further washing is still needed, and the MACD indicator fast and slow lines need to turn upward and cross zero to confirm the reversal signal.

The daily chart shows that the price fluctuates between 54000-58400, and the downward trend of the ant channel only lasts for 18 days. It may take some time, and it is expected to bottom out soon. On the 4-hour chart, although there are signs of rebound, the reversal has not been confirmed. The short-term support is around 56930. The oscillating downward trend is not suitable for blindly bullish for the time being. Wait for a clear signal to appear at the bottom of the 4-hour market before buying!

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