After the meme carnival, mainstream currencies such as $BTC continue to fluctuate between small groups...
đ There are many signs from the data that the market is still brewing: #BTC The momentum of the bulls has begun to weaken after rising from 63,000~72,000. Will it form a turning point at this stage and test the bottom, or will it climb upward after consolidation? It is very important to pay attention to the chips. The chips represent the market traders' views on the market. They know themselves and the enemy and are victorious in every battle.
From a long-term perspective, most of the chips have been short-selling in the past two months (retail investors are more optimistic about going long). Only during the uptrend in mid-May, retail investors were heavily bearish. This distribution of chips is similar to the state of Q3 ~ Q4 in 2023. , the market fluctuated in the range of 25,000~30,000 at that time, and then the market hit a new high. đ
I personally prefer that the market will continue to rise after the shock. BTC has the opportunity to pull back again after hitting a new high in June. In the short term, we can seize the opportunity to buy on dips.
You can pay attention to changes in the short-term concentration of short-term chips. If the concentration continues to increase, the short-term market will continue to decline. Otherwise, there will be a chance to rebound.
Data source:blave.org
