Interpretation of today's market data:
#BTC accelerated rebound but still no increment, high level may face large turnover. Market risk sentiment continues to weaken, the current situation is not optimistic, Asian and European funds continue to flow in!
In the previous market analysis, we mentioned that as#BTCrebounds faster, it is about to face key support. It is time to see whether the current market situation will rebound or reverse.
I mentioned enough in the interpretation of the data on Tuesday that for the subsequent upward rebound, we need to see incremental growth. Otherwise, if the volume continues to shrink and the upward trend continues, the selling pressure after the upward trend will be greater, and the volatility will be greater.
Today's market situation:
1. The main force of the market value increase comes from BTC, which accounts for a year-on-year increase. The market risk appetite is still not optimistic, and funds and major trading parties are still anchored on BTC.
2. Although the trading volume increased slightly by 12 billion, it mainly came from altcoins and ETH. The trading volume of BTC was about 1 billion less than yesterday. Although the shrinkage has eased, the trading volume did not increase significantly from yesterday's large increase to today's increase. This shows that there is less selling pressure during the rise and the bullish force is obvious, which is a good thing.
However, a rise with shrinking volume is also a double-edged sword. An overly optimistic rise will often cause selling pressure to concentrate at a certain point above. Once released, the short-term market may be under greater pressure and fluctuate greatly, and may also trigger a stampede of selling pressure.
To sum it up in one simple sentence, if there is no volume increase, beware of false breakthroughs. Although this is not certain, you still need to be cautious.
3. The amount of stablecoins on the exchange continues to increase, and the deposited funds increased by 300 million again during the day, reaching 166 billion. Recently, the stablecoins on the exchange have been in the process of inflow and sedimentation and have not directly participated in transactions. What are the funds waiting for?
USDT: Official data is 115.404 billion, an increase of 387 million compared to yesterday. Although there are differences in the performance of the data website, funds are still flowing in in large quantities. Combined with yesterday, Asian and European funds have flowed in close to 1 billion, some of which remain in the market, and a small part has begun to enter trading.
USDC: The official data will be updated tomorrow. The market value has decreased by 127 million. Judging from the increase in the market price, it may be that after participating in the transaction, the capital inflow into the market has been suspended in the short term.
Overall, funds are still inflow + precipitation. Are they really waiting for the bottom? Or are they waiting for BTC to truly break through the key position?
Summarize:
Today is the last active trading day of the week. Tonight may be more sensitive and may be accompanied by large fluctuations. Whether it is necessary to activate selling volume turnover at high levels, or to buy directly when funds are deposited, you may need to pay close attention tonight.
Currently, the sentiment of #U.S.stock is good. If BTC continues to rise in the early morning, it will also reach a critical point. Whether it can successfully break through + stand firm + have a large turnover may depend on tonight.
#BTC☀ #ETH🔥🔥🔥🔥 $BTC
