Bitcoin is expected to enter the stage of accumulation. The two previous bottom tests have ended. As long as the current 4-hour level effectively stands firm and breaks through 59,000, it will rise again and test the resistance position near 63,000.
This week, Bitcoin gradually stabilized and rebounded after completing its second bottom. Although the rebound process is still very tortuous, the market's money-making effect has improved significantly, which is mainly reflected in two aspects:
1. Although the price of Bitcoin is still hovering at $58,000, 30% of the top 100 coins by market capitalization have returned to the price level of $65,000.
2. From September 5 to September 12, the market share of altcoins increased from 9.13% to 9.8%, and the proportion of daily trading volume also increased from 20.3% to 33.5%. The market continued to ferment.
Historical experience shows that when funds shift from focusing on absolute value to taking into account price elasticity, this often signals that market risk appetite is in a rising stage. With the completion of the mid-term bottom construction, the market gradually enters a stage of moderate recovery. Although the rebound did not show a dry land-like rise, it was precisely this slow-heating state that verified the sustainability of the rising market.
After all, in the stock pattern, every concentrated outbreak of bullish sentiment is often a signal that the market peaks in stages. Therefore, repeated washouts and steady progress are the most ideal manifestations of a bottom rebound. Only by remaining patient can we wait for the main wave to rise. .
