I don’t know if you brothers still remember the line that Lao Bai drew for everyone around the 8th. Now it perfectly replicates the trend!
When this big positive line that breaks through three moving averages (7-day, 50-day, and 200-day moving averages at the same time) appears, it further verifies Lao Bai's view, that is, the short-term upward trend has been determined, and when it breaks through 67,000, it means a formal reversal! If the FOMO emotion comes up later, remember what Lao Bai said, there may be a big drop later!
Let’s add some more data to verify:
1. The 24-hour trading volume of Bitcoin in the entire network is 39 billion, and that of Ethereum is 15.9 billion, which is nearly doubled compared with last month, indicating the entry of large investors! The number of Bitcoins in the entire network exchange is 2.34 million Bitcoins, which is about 930,000 less than last month. The net outflow of Bitcoin is also increasing, which means that large investors buy coins and withdraw them to their own accounts!
2. A 50 basis point interest rate cut means that the U.S. economy is likely to go into recession, and market funds will massively withdraw from risky assets such as gold for hedging!
3. The volatility of Bitcoin options continues to decline, which means that investors' buying and selling sentiment is not very strong. When the decline reaches a certain level, it will cause a price breakthrough, which is often accompanied by a market reversal!
4. The increase in exchange lending leverage indicates that the market sentiment to borrow U to buy coins is higher!