Let the data speak: Despite the market decline, the altcoins did not stop, the trading volume collectively shrank, and the sentiment further declined
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The decline that began in the early hours of this morning caused Bitcoin to fall again to the next support level and temporarily stabilized, and the market as a whole followed the decline
The question we discussed last week was that if the altcoins gradually stopped falling, it would mean that the market's risk preference would change This will lead to signs of a rebound
Last Friday, although the altcoins had shown signs of a weakening decline when Bitcoin fell to around 64,200, the altcoins did not stop in this wave of decline in the early morning
In terms of market share, Bitcoin's share increased again, Ethereum's share decreased slightly, and the altcoins' share dropped sharply
In the overall decline, the altcoins were seriously sucked out again, while Ethereum's decline was weakened due to the expected upcoming ETF approval - it resisted the decline
In terms of trading volume, the overall trading volume in the early morning decline was significantly lower than last Friday. The possible reasons are as follows
1. After all, it spanned the early morning stage of the weekend, and the overall liquidity was biased
2. The seller's power gradually weakened in the decline
3. Bitcoin's break again led to a strong wait-and-see attitude in the market, and traders did not dare to buy easily
Based on recent conditions, I think the third point is more suitable, of course, it is not ruled out that there are Factors of the first point
In terms of funds, the total stock of stablecoins increased by 100 million, the market value of USDT increased by 120 million, and the market value of USDC increased by 59 million. Combined with the current situation, funds on the market are gradually ending transactions and temporarily storing or flowing out of the market
The USDC situation that focuses on is released by USDC company. As of June 20, 2024, the USDC data,
The weekly data is an increase of 100 million, that is, from June 13 to June 20
The monthly data is a destruction of 600 million
The annual data is an increase of 4 billion
Overall, the overall funds at the monthly level are flowing out
The decline in the early morning is still somewhat unexpected, indicating that the market's selling pressure needs to be released after accumulation. Then the focus of this week's game is PCE. The market is still in a frustrating state of oscillating decline. I hope that this week's PCE data will not bring too much pessimism. After that, we will see how much buying volume can be stimulated by the 60,000 integer level. This is very important. If the buying volume of 60,000 is not much, it proves that the consensus bullish sentiment is still very weak
#BTC走勢分析 $BTC
