Happy weekend to everyone. #Bitcoin has been trending negatively for the past few days. Let's take a closer look together.
Iran-Israel war news, the decline in US stock markets, and the commencement of distributions by Genesis and Mt. Gox are causing price drops and raising concerns. Once again, nothing significant emerged from Iran. Just like the previous war talk, it fizzled out.
Market manipulation becomes easier when markets are closed, and the volume is low due to the weekend. Currently, all eyes are on Japan. The Bank of Japan raised its policy rate to 0.25%, leading to an appreciation of the Japanese Yen against the Dollar, which in turn put additional selling pressure on US stock markets.
We are likely in the final stages of this decline. A rate cut by the #FED is expected in September.
$BTC has dropped approximately 15%, but Coinbase did not sell during this period. In fact, they continued buying. Coinbase's buying activity had increased our chances of breaking above $67k, but with the war news, all markets pulled back, making a pullback in the crypto market inevitable.
When we look at the CVD (Cumulative Volume Delta) data, we see that whales have also sold a small amount, but it is not a significant sell-off. Over the past 4-5 months, their holdings have fluctuated but generally remained at around 90%.
Currently, $59k is a critical support level, so it is important to maintain this support to prevent further declines. If $59k is lost, the next support level is $53k. #US_Job_Market_Slowdown
Overall, it is crucial to stay calm and focus on fundamental analysis during such market fluctuations. Looking at the big picture, the market is genuinely uncertain. Do not rely on hearsay; act according to your own strategy.
