Analysis of Bitcoin Market on July 8:
1. Bitcoin once again tested the $53,000 area near last week's low. As mentioned before, the long-term turnover and accumulation of chips near $52,000 make this area a strong support and not easy to be broken in the short term.
2. If the $52,000 support is broken, the next strong support level will be at $49,000.
3. The weekly rising trend line has been confirmed to be broken, and the poor closing performance in the morning today confirmed the downward trend. There may be a rebound opportunity in the market, testing whether it can return to around $60,000 again to confirm the strength of the weekly rising trend line. Usually, the market will test this line, but there is also the possibility of a direct decline without a retracement confirmation.
4. The worst case scenario is that the market does not rebound to the vicinity of the weekly rising trend line, but directly falls. However, the market did not give the opportunity to rebound and fell directly today.
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