Tomorrow is the second quarter settlement date of this year, at 4 pm. Quarterly settlement is usually not fixed on a specific date, but on the last Friday of each quarter.
Quarterly settlements often show up in advance. Looking back at past market trends, we can see that the correction throughout June can be seen as a prelude to the upcoming quarterly settlement, although it manifests itself in different ways.
Quarterly settlements sometimes fall sharply and sometimes slowly decline, depending on different market environments and timing.
Unlike the bull and bear markets, this quarterly settlement is relatively mild.
Bitcoin is currently approaching the $60,000 level again, and it may fall below this mark at any time. The most frequently heard view recently is that Bitcoin may form a double top.
Pattern analysis can appear in any market situation, but its effectiveness depends on the timing and context of its appearance, which requires highly professional judgment.
An important feature of the top pattern is the increase in trading volume accompanying the decline, and the market may undergo multiple changes before the pattern is completed.
Do you think this is a double top pattern, and do you consider that this may be deliberately set by the main force? This is a question worth pondering.
The weekly chart belongs to a larger time period, and the appearance of the top pattern usually indicates the end of the trend. However, the current market trend has not ended, so at the current stage, it is very unlikely that the market has reached the top. According to the cycle law of bull and bear markets, the current market is still in a bull market.
Various market conditions do not meet the characteristics of the top pattern, so the current market has not formed a top and is only in a volatile market.
Regardless of whether the market is in a bull or bear market, the main institutions often test technical investors who cannot identify trends through a wave of market conditions.
Despite market fluctuations, Bitcoin is currently fluctuating between $60,000 and $73,000. Although it briefly fell below the $60,000 support level, it quickly rebounded, showing the strength of the support level.
