Evening Market Overview on January 25, 2009

$BTC The cryptocurrency is still in an endless decline, and many people are already panicking; the market is full of turmoil and bloodshed. The more it is like this, the more we must strengthen our confidence; the bull is still here!

The wild drop over the past three days was somewhat unexpected. It is said that the U.S. sold 69,370 bitcoins, causing panic and leading institutional whales to sell off in large amounts. The daily chart for bitcoin has shown three consecutive red candles, dropping from a high of 108K to 91.5K in a V-shaped reversal, naturally rebounding to 102K before falling back to test 92.5K. So, will this form a W-shaped double bottom structure to push for new highs? If the 4-hour chart cannot recover the strong support at 92.5K, we will look at the effective support at 90.5K. This should be the rebound opportunity to the 0.618 golden point.

The U.S. stock market is closed tonight in memory of the 39th President Carter; there should not be much volatility. Yesterday, 5,870 bitcoin ETF shares flowed out, and the three giants BlackRock, Grayscale, and Fidelity are all selling off; 177,062 people across the network were liquidated in the last 24 hours, with a liquidation amount of 528 million USD, with long positions at 382 million and short positions at 146 million.

Although the spot price has halved or may halve again, we encourage ourselves and others: If you can't endure the pain of a halving, you won't enjoy the pleasure of doubling.

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