News focus
1. According to Glassnode data: Long-term holders have increased their holdings by more than 1.1 million BTC in the past year, worth about $33 billion
2. State Street Global’s chief gold strategist said: Cryptocurrency cannot replace physical assets because it is prone to huge losses
The market performance over the weekend was relatively flat, and mainstream currencies have been in a sideways phase. Since the fall of Bitcoin on July 24, the fluctuation within a week has been around 700 points. Is Bitcoin really going bad? There is no market and no volatility. It is not as good as the performance of small currencies during this period.
At present, the price trend of Bitcoin has entered a new round of box-range adjustment mode. The price of Bitcoin cannot break above 29,500, indicating that the market is weak in upward movement. The slight increase of small currencies indicates the outflow of funds from mainstream currencies, which indicates that Bitcoin may fall below a new low of the week in the next few days. Although the price of Bitcoin is trying to maintain above $29,300, a new round of downward trend may be triggered soon.
From the perspective of the range, the high point of the box is around 29500, and the bottom support is at 28800. After a long period of consolidation, it has not broken down, which also gives the bulls a false impression of bottoming out, especially the short-term small rebound makes the bulls think that the accumulation of power below is nearing the end. The rise is about to begin. Therefore, there is still controversy between long and short in the short cycle. It also shows that this area is a potential reversal zone. If we are firmly bearish, we must also control the risks.
