The crypto market experienced a rebound today, with Bitcoin rebounding from $57,000 to $59,400 and Ethereum also rebounding to $2,530.
Altcoins as a whole are also rebounding along with the broader market, with the Bitcoin ecosystem performing the strongest, with ORDI and SATS both rising by more than 15%.
The news worth noting is:
1. Santiment says: Bitcoin shows signs of recovery
Santiment, a crypto market analysis agency, also published an article on X saying that due to the US Labor Day holiday, the S&P 500 index suspended trading, but Bitcoin began to show signs of recovery.
As traders become increasingly bearish and panicky, the market may be about to rebound.
The Labor Day holiday in the United States is about to end in the next few days. U.S. stocks will reopen tonight, and market liquidity will gradually recover.
It can be seen that the main investors in the current crypto market are American investors.
As American investors took a break in the past few days, the liquidity of the crypto market has dropped significantly. With the decrease in liquidity, the purchasing power has also dropped, resulting in large price fluctuations in the past few days.
2. Bitcoin faces continued selling pressure between $61,700 and $70,500
According to data from IntoTheBlock, approximately 7 million addresses previously purchased Bitcoin between $61,700 and $70,500.
Since many people who bought Bitcoin in this price range are currently losing money, investors will choose to sell whenever the price of Bitcoin approaches this level.
This means that Bitcoin is facing a lot of selling pressure in the price range of 61,700-70,500.
This is why it is difficult for Bitcoin to break new highs. To break through this pressure and set new highs, Bitcoin needs strong upward momentum.
But judging from the current data, it was mainly short-term holders who were selling in the past 24 hours, and large investors have been continuously buying at the bottom recently.
According to data, the number of wallet addresses holding more than 100 bitcoins reached 16,120, a 17-month high.
Wallets holding at least 10 bitcoins are also increasing their holdings.
Together, these wallets have accumulated more than 133,000 bitcoins worth more than $7.6 billion over the past 30 days.
3. Data shows that a smart money address bought more than 4,000 ETH after 9 months.
On-chain data analysts monitored that a smart money address that had earned $5.16 million by shorting Bitcoin when LUNA/UST collapsed began to build ETH positions again after 9 months.
In the past 7 hours, this address bought 4,192 ETH at an average price of $2,490 per ETH, with a total value of approximately $10.43 million.
Subsequently, the ETH was staked into Lido and RocketPool.
This shows that smart money is buying back into Ethereum and they are optimistic about its future performance.
4. If Bitcoin falls below $56,000, the long order liquidation amount on mainstream exchanges may reach $1.12 billion
According to Coinglass data on September 2, if the price of Bitcoin falls below $56,000, long positions on mainstream exchanges may be forced to liquidate, and the total amount may reach $1.12 billion.
On the contrary, if the Bitcoin price recovers and breaks through $59,000, the liquidation amount of short positions could reach $970 million.
This means that the market will fluctuate greatly in the short term, so those who play contracts should be careful, as there is a demand in the market to spike contracts.
5. The number of users of Telegram mini program FreeDogs has exceeded 5 million, and airdrops will be provided to users
A small program called FreeDogs on Telegram has exceeded 5 million users just 6 days after its launch.
The background of this mini program is a petition for the founder of Telegram. Users can send paper airplanes of various colors to the Eiffel Tower with a simple click to express their support for the Durov incident and their desire for free speech.
In addition, FreeDogs also stated that it will provide airdrop rewards to community users in the future.
In general, as the U.S. investor holiday ends today, U.S. stocks will reopen in the evening, and liquidity in the crypto market will gradually recover.
This week, we can focus on Friday's non-farm data, which will affect short-term market sentiment and price trends.
