Today's market data interpretation: #BTC☀ The altcoins maintain confidence under the decline, and BTC below 60,000 has already attracted active funds! The market is not without confidence, but lacks confidence in BTC above 60,000!

In the market decline, market data is more important, because we can clearly see the overall reaction of the market, rather than just immersing ourselves in the BTC price itself.

BTC led the decline in the early morning, and #ETH🔥🔥🔥🔥 altcoins followed the decline, but it can be seen from the current data that the altcoins in the decline have maintained a certain stability, and their proportion has increased. In short, they are resistant to declines. The confidence of the altcoin market has not collapsed for the time being, and panic has not formed.

The transaction volume increased, with an overall increase of 45%, and BTC's own transaction increase of 54.5%. This shows that a large number of buy orders have appeared for BTC that fell below 60,000. The market is not without confidence, but lacks confidence in BTC above 60,000.

Focus on funds:

The market value of stablecoins decreased by 300 million during the day, and is currently 171 billion.

USDT: The official website data is 118.039 billion, which is unchanged compared to yesterday. The trading volume increased by 15%. The inflow of funds from Asia and Europe has stopped, but the data website shows that the market value has decreased by 53 million, indicating that funds have begun to intervene in transactions.

USDC: The data website shows that the market value has decreased by 55 million, and the trading volume has increased by 42.31%. It is temporarily analyzed that some funds in the US may have flowed out of the US during the early morning trading time. The real data will have to wait for the official website data on Saturday.

Summary:

The reaction of deflation BTC after it fell below 60,000, combined with the current reaction of the cottage, we can indeed clearly conclude that traders are not without confidence in BTC, but lack confidence in BTC above 60,000. Once it falls below 60,000, some funds begin to intervene in transactions. It is estimated that if it continues to fall, the activity of funds will increase.

This will make BTC form a large range of amplitude, with selling orders above 65,000 and buying orders below 60,000, and low-amplitude fluctuations in between. Everyone is trying their best.

For the remaining two days of this week, Thursday and Friday, we need to determine whether the market can still speculate on the expectation of interest rate cuts if the data is good for the US economy. If it does not bring positive effects, then the market will have to fluctuate and adjust before the interest rate cut.