🐳 Update Plan BTC 08/07/2024. Let's take a look at the economic situation and BTC chart with Trading Insight to predict the future.
🔹 Whales continuously bought BTC during the recent market turmoil, increasing their holdings.
🔸 However, the ETFs did not buy, showing signs of selling and having negative cash flow continuously in recent days.
🔹 Cryptocurrency contracts recorded liquidation of more than $ 1 billion, the sharpest decline since 2021 until now
🔸 In terms of the general economy, the impact of the economic recession on digital assets, investors' biggest concern is liquidity. Cash flow in the main currency and stock markets has recorded a huge capital outflow, so it is natural to be concerned.
🔹 The Crypto market has recorded a good recovery after a terrible drop, specifically BTC down to 48k, currently maintained at 57,000.
🔸 The whole market is chaotic, I see it as an opportunity, this is inherently how the market operates, to purify. So, let's see it as a challenge.
For BTC, I currently see that the volume is quite low, the selling side still accounts for the majority, so the money is trying to flow back to Altcoin. BTC is expected to recover to 59,600-60,300 then go sideways to decrease around the amplitude of 54000-58000, possibly retesting the 51,000 area in the next 5-10 days. I still hope that there will be stable volume and money flowing into the market to pull the price back, at that time we will also have a better perspective and direction. Do you have any questions or comments? Let's discuss and don't forget to interact with Trading Insight!
