Why was BTC substantially weak at 70,000 in March? And now BTC is substantially strong at a similar price?
The ancients said: "Observe his words and actions to know a person." This is true for people and the market. If you are a dealer with large funds or have deep connections to obtain key information, you can naturally influence the market. However, for ordinary people like us, we need to check the corresponding trend of BTC based on major events and broad views in the market to observe the substantial strength and weakness of the market.
In March, ETF funds led the market to rise all the way, and a lot of good news appeared in the market. The overall bull market was expected to come. However, the market stagnated at 70,000, and the cottages peaked one after another.
In July, the German government sold BTC, Mt. Gox paid compensation, and the US government moved BTC.
These are not only negative news, but also real selling pressure. And after several months of weak market conditions, many people are now bearish on BTC. As for the actual trend of BTC, the German government has sold all its BTC, and Mt. Gox has paid more than half. But the BTC price is still around 67,000. In general, the market is bearish, there is bad news, and there is huge selling pressure, but BTC is still strong. So it is substantially strong.
