“The quality of your decisions depends on the information you have and your ability to process it.
——Redd Leo, founder of Bridgewater Associates (Principles)”
Bitcoin price has failed to break the psychological $100,000 mark and the price has been falling since yesterday. There was a brief rebound below the effective support level of $94,000, but it failed to reduce the selling pressure. Bitcoin price then fell below $92,000. At the time of writing, Bitcoin price is $92,400!
In the past 24 hours, as long positions were forced to close, the total liquidation amount reached 678 million US dollars, which led to increased selling pressure in the market. Mainly some highly leveraged traders, a total of 219,558 people were liquidated.
The current market sentiment is generally bullish, but data shows that many long-term holders are selling their Bitcoin, affecting the stability of the market. Long-term holders are selling their Bitcoin holdings - long-term investors with a holding period of 6 to 12 months have begun to sell in large quantities, with the average purchase cost of $57,900, and they are choosing to take profits as the price rises to nearly $100,000.
Yesterday, the Bitcoin spot ETF experienced a net outflow of $435 million, ending a streak of $3.3 billion in net inflows. We still need to pay close attention to the dynamics of the Bitcoin spot ETF market, especially the changes in the holdings of these traditional financial institutions during this period.
With the intervention of traditional financial institutions and changes in market supply and demand, there is currently uncertainty in the price trend of Bitcoin, and we need to be cautious about current market dynamics.
Note: All content represents the author's personal views only, is not investment advice, and should not be construed in any way as tax, accounting, legal, business, financial or regulatory advice. Before making any investment decision, you should seek independent legal and financial advice, including advice on tax consequences.
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