July 13, 2024 Grandpa checks in
According to a blog post by the on-chain analysis platform CryptoQuant, Bitcoin investment institutions have recently bought Bitcoin at a low price, and the amount of BTC added in a week has exceeded 100,000. This can be confirmed to a certain extent by the recent fluctuations in Bitcoin. The sharp price fluctuations mean that a large number of chips have changed hands. The force behind this crash is definitely not only the German government. The fact that Bitcoin's price can fall below the support level means that a large number of buyers have intervened at this price. At the same time, the resilience shown after the price falls below the support level also shows that there is a bottom-fishing force involved.
Although the price failed to recover 60,000 after the rebound, from my perspective, the risk of sideways trading at this price is not great. Data shows that Bitcoin ETF has attracted more than 10 billion US dollars of new funds to enter the market, and these funds are not short-term speculation, most of them are allocation-oriented. This is why the price of Bitcoin has been able to remain high in the past few months. In addition, looking at the price of ETH, like BTC, for example, the lowest point of this round of bear market is only a 3-fold increase. For the crypto market, the high point of the bull market is definitely more than this.
The recent market will still experience a period of range fluctuations, which may be as short as 1 week or as long as 1 month. Be prepared for this. At present, the support of 55,000 below the Bitcoin is relatively strong. Even if it falls below the support level again in the future, it is not a big deal. Whether the high point above can continue to break through can be seen as a strong signal of rising prices. During the sideways period, in addition to buying low and selling high, the most recommended thing is to choose some altcoins that you are optimistic about to build positions. This round, I will still recommend DeFi projects.
If you are not good at buying low and selling high, I would suggest you to do financial management, such as the fees are always hanging for a few points, or current financial management, anyway, the funds are free. In addition, I recently discovered an early DeFi project that is an option structured product called sofa. If you are interested, I will give you a link in the comments. The advantage of this product is that you can kill two birds with one stone, and you can get potential airdrops while getting financial returns.
Thank you for your attention and likes.