Breaking news! Three pieces of bad news happened before going to bed. Bitcoin repeatedly spiked, which may affect tomorrow's trend!
The trend of Bitcoin in the past two days can be described as a "roller coaster", from 64,000 US dollars to 58,000, and then rebounded to 62,000, and now reported 61,600. The horizontal jump of the market is mainly affected by multiple news.
Before going to bed tonight, there are three pieces of bad news:
1) The German government transferred 595 bitcoins to the exchange, and the German government has sold more than 2,000 bitcoins in the past few days. This is undoubtedly "adding insult to injury" to the already pessimistic market. Funds are the lifeline. Without running water, the price of the currency is difficult to rise. Pay close attention to the inflow and outflow of ETFs.
2) Federal Reserve Board member Bowman reiterated that inflation will remain high for a period of time, and it is not appropriate to cut interest rates at present.
There is no important economic data released this week, but there are speeches by Federal Reserve officials, and the speaker's speech preferences will affect the direction of Bitcoin.
3) The clearing mechanism of the derivatives market has also magnified the market's downward trend to a certain extent.
As the price of Bitcoin declines, long positions in the derivatives market begin to come under pressure. When the price falls below the trader's stop loss, their positions will be forced to close. This forced liquidation will further drive the market's downward trend and form a vicious cycle.
The crypto circle in June was not calm, and there were obviously more negative news. However, looking back at history, perhaps every round of decline is an opportunity to reverse and "pick up gold".
