🪢 BITCOIN UPDATE 🪢
The selling pressure on #Bitcoin and the general market continues. The $67,000 level was considered an important support, but breaking below this level increased sales, and now we are watching this level as resistance. The $67,000 level is crucial as it serves as both horizontal resistance and a falling trend resistance. As long as this level is not surpassed, it is beneficial for investors to remain cautious and keep risks to a minimum. The short-term outlook will only turn positive with the break of this resistance. The long-term outlook remains positive. #CryptoTradingGuide
The market's weakness during the summer months can be attributed to factors such as the holiday season, low trading volume, decreasing economic data, and investor psychology. During this period, investors tend to be more cautious and often delay major investment decisions. In the summer months:
1. Holiday Season: Individual and professional investors are less active, leading to lower trading volumes.
2. Activity of Institutional Investors:Institutional investors are also less active, and major decisions are postponed.
3. Decreasing Economic Data:Fewer economic data releases make it harder for the market to find direction.
4. Central Bank Meetings:Fewer meetings and announcements take place.
5. Decreased Risk Appetite:Investors tend to shift to less risky assets, weakening the market.
Looking at Bitcoin's summer performance over the past 10 years, 6 out of 8 summer periods have shown negative performance. This indicates a high probability (75%) of negative performance. In the cryptocurrency market, altcoins are considered high-risk, while $BTC and $ETH are seen as lower-risk. The key in the market is managing psychology effectively.
