$ETH
💥Bitcoin plummeted 10.7% in the first week of September!
⚡️The market may be close to a local bottom!
Bitfinex Alpha report data shows.
Bitcoin fell 10.7% in the first week of September.
It continues the downward trend since the end of August.
The price once fell below the key low of $56,711 on May 1.
The selling frenzy resulted in a significant reduction in leveraged positions.
The market may be close to a local bottom.
Of note is the performance of the U.S. stock market.
In particular, the S&P 500 index posted its worst weekly performance since March 2023 last week.
This has a crucial impact on the short-term trend of Bitcoin.
The correlation between Bitcoin price and traditional financial markets remains significant.
Bitcoin ETFs have seen significant outflows over the past week.
Net outflows since August 27 have reached $706.1 million.
However, against this background, the small currency market has shown a certain degree of resilience.
Bitcoin’s market value fell by 1.3% last week
However, the market value of other crypto assets except the top 10 currencies increased by 4.4%.
This shift may imply that investors are looking for new value niches in small currencies.
However, open interest in small coins has also fallen by 55% from its all-time high.
It shows that speculative sentiment has weakened.
If Bitcoin dominance has indeed reached a local peak.
Then in the coming months, small coins may outperform the broader market.
Laying a solid foundation for the bull market in the fourth quarter.
👉 Follow Ziqi, Ziqi will update the best information and share spot strategies in real time every day!
