Last night, Powell's dovish stance and Mentougou's compensation transfer of 39,000 bitcoins scared the market and bitcoin fell by $2,000.
This morning, bitcoin closed the monthly line. Looking at the monthly K-line chart, the long lower shadow in July shows that bitcoin has been fully adjusted and the market still has sufficient buying support. The 53,500 area is basically the lowest level in the future medium term. Generally speaking, it is difficult to fall below 53,500 in the remaining months of the second half of the year.
Connecting the K-lines of the five months from March to July, the large range consolidation in these months is just a relay consolidation platform in the long-term upward trend. Bitcoin fully changed hands below 72,000. After 5 months to half a year of relay consolidation, it will stand at 72,000 at the end of the third quarter or the fourth quarter to set a new high.
If the highest level of 73,777 in March is the top, the top should be sharp, and it should not be the platform consolidation in these few months. There must be a new high in the future.
In addition, from a longer-term perspective, the Bitcoin ETF has taken out so much money in real money, and funds are constantly flowing into the ETF, not to take over. Bitcoin has not risen to a new high because the current pull-up timing is not good enough, the market turnover is not sufficient, and the chess has not been laid out.
The market's acceptance of Bitcoin is becoming more and more common. Some state pension funds, sovereign funds, charitable funds, trusts, and super-rich people will gradually allocate Bitcoin.
In the short term, the nearest support level is near last week's lowest level of 63456. There will be at least one or two support levels. Whether it is short-term or medium-term, it is a good opportunity to enter the market.
As long as Bitcoin does not reach 72,000 or a new high, the copycat will fall lower in every callback of Bitcoin's large range consolidation. When Bitcoin hits a new high, the copycat will bottom out.
