Bitcoin is about to fall, can it hold the 60,000 mark?

Hey guys, Bitcoin has been moving frequently recently, with a 10% weekly return rate that is eye-catching! However, the market seems to be a little entangled and doesn't know what to do next.

Don't worry, I'll show you why Bitcoin is likely to gain a foothold at $60,000 before rushing to $70,000!

1️⃣ Exchange reserves are as stable as old dogs 

Did you know? Bitcoin recently regained the upper resistance level of $61,700, and everyone thought that buying pressure was going to explode! 💥 However, data from CryptoQuant shows that the exchange's reserves have increased instead of decreased, with an increase of about 2,000 BTC. This may be an additional wave of buying pressure before the end of the month!

2️⃣ Liquidity clusters, the source of price fluctuations 

BTC recently rose to $65,000, and short liquidation was miserable, with $140 million cleared on August 23! 💸 Now, the army of long liquidation is gathering between 63,000 and 60,000 US dollars, preparing to launch an offensive! This wave of liquidity clusters has made the market fluctuate wildly!

3️⃣ The long/short ratio is still a little bit off 

In futures contracts, shorts still have the upper hand, and the risk of longs being liquidated is not small! The current long-short ratio is 0.95, and shorts still account for 51.06%! The 10% rebound of Bitcoin last week did not make the shorts panic. It seems that the price will be suppressed this month!

4️⃣ Historical data speaks, August is not a good time to sprint 

Did you know? Bitcoin's performance in the third quarter has always been much worse than other quarters! 📉 In the past ten years, the average return on investment in the third quarter was only 6%, and the average return on investment in August and September was even more frighteningly low!

Therefore, if Bitcoin wants to suddenly become powerful at the end of August, it will really be a miracle!

In summary, friends, although Bitcoin has a good momentum recently, if it wants to stand firm at $60,000, it still depends on the market!