Analyze a wave of data:
Figure 1: US ETF bought 450 million again yesterday, but Bitcoin did not break through the resistance of 68 during the US trading session. It bought 1.4 billion for three consecutive days, breaking through the resistance of 65-66, 66-67, and 67-68 respectively;
Figure 2: In the 3,000-point range of 65-68, the commissioned sell orders that can be seen on the order book will have at least 50 million spot sell orders for every 1,000 points;
Figure 3: The current Bitcoin holdings seem to have hit a new high, but as mentioned earlier, Huobi is now falsifying data, and Bitcoin's holdings are falsifying 1.5 billion positions, so after removing the 1.5 billion positions, it is about 38 billion, close to the historical high;
Summary:
According to According to past experience, the peak is reached after a large amount of inflow into the US ETF, with only one exception, which is the super trend market after the US ETF just passed;
Here is an explanation of how to understand this phenomenon of ETF: when the buyer has used up all the chips and the subsequent funds are exhausted, if the market cannot effectively break through the resistance, unless there is a stronger fund coming in, the market will usher in a reversal. I think everyone can understand this;
In addition, observe the order book of the exchange, and you will find that the spot sell orders of the exchange this time are much stronger than those of the previous times when the price hit 70,000;
So I am still bearish at present, and I don’t think this wave will be the beginning of the second half of the bull market;
