Last November, before the collapse of the FTX platform, 31,000 became an important resistance point, triggering a massive sell-off in the market. At that time, many people mistakenly thought that this would be the bottom and urgently changed hands, but ended up being stuck. This barrier is definitely a deep scar for those of us who have been struggling in the virtual currency market. Now we are at this position again, will history repeat itself?

For the past month, the performance of Bitcoin was a little surprising. We saw a fluctuation range of only 5-6 points, which is relatively rare in the market. This fluctuation range means that the market is still strong, but the small fluctuation of the market also makes people full of expectations for the future market.

However, it is puzzling why so many people are still bearish? Where is the path of least resistance in the market?

First, let's look at the market data. In the past few months, Bitcoin has had a large amount of trading volume at 31,000, which shows that there are a lot of chips distributed at this position. This also explains why 31,000 will become a strong resistance point, because there are a lot of trapped chips that need to be untied. Therefore, if the market wants to break through this resistance point, there needs to be enough buying to absorb these chips, which is not easy for the market.

Then, let's take a look at the market sentiment. In recent times, the market sentiment has been generally bearish. This is mainly because the price of Bitcoin has been hovering around 31,000, with no obvious signs of rising. The market's long and short views often affect the market trend. If most people are bearish, the market pressure will be biased towards sellers, which will also suppress prices to a certain extent.

So, facing such a market situation, how can we predict future market trends?

From the perspective of data and market sentiment, although 31,000 is an important resistance point, the market's volatility and strong trend indicate that the market still has the possibility of a breakthrough. As long as the market's buying can continue and be strong, then the big cake is likely to break through this resistance point and start a new round of rise.

In the future, we expect the market to continue to maintain a strong trend, gradually digest these trapped chips, and allow the big cake to successfully break through the resistance point of 31,000. Let us look forward to the arrival of this moment together. #BTC

(Purely personal opinion, if you want to debate with me then you are right)

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