💬 Behind the Bitcoin correction

❎ According to Onchain data: The market is currently suffering from a lot of bad news and often, so the BTC price is affected and impacted immediately. However, according to the data I recorded in the remaining image, the large selling forces such as from the German Government, the US and Mt.Gox were all absorbed by the market within 2-3 weeks.

So with the impact of FTX officially returning to creditors (total amount up to 16 billion USD at the time of Q4) there will be some negativity at present, but when the absorption is completed, the selling pressure will be less, on the contrary, there will be a new amount of money pouring in,

❎ In terms of technical analysis: Bitcoin has reset the 0.618 fibo zone to the 55,500 mark and has now retracted its beard (In case this 55k5 zone cannot be supported, we will once again have to accept the 52k mark and altcoins will be no different from the end of the world, so this scenario will be the worst case and the probability is also quite low).

✅ The higher possibility is that the current price zone will support BTC to return to above 60k ❕

👑 Overall, news about BTC and the market is gradually getting better, and the signs are also changing from negative to more neutral! 🎚