Crypto Market Analysis 6.26 TEDA’s increase is decreasing, ETF continues to be positive, and intraday technical correction will begin
Recently, supply growth of Tether (USDT) has been less than 1.5%, a significant decrease compared to April and May, when the growth rate in the latter two months was more than 5%. At the same time, USDT’s trading volume also decreased from a peak of $767.2 billion on March 11 to $53.5 billion on June 24. This dual decline in supply and trading volume, along with USDT’s market capitalization remaining at $113 billion, reflects declining inflows into the crypto market in June.
On Monday, Mt. Gox announced that they plan to start distributing Bitcoins to creditors starting in July. Financial analyst Peter Schiff also reminded that once these Bitcoins are released to creditors, they may have an impact on the market. He pointed out that although Mt. Gox has not yet started repayment, it plans to start in July. Schiff predicted that before these Bitcoins actually flow into the market, Bitcoin prices may continue to bottom out.
Bitcoin rebounded this week, and PCE may once again benefit the market at the end of the month. In the short term, we will see whether the market will rebound from the pressure position when it is at the target position on Wednesday and Thursday. The pressure position will focus on around 63,000.
Daily level market
- The daily line level is still in a downward trend, but the weekly line has bottomed out and rebounded. Pay attention to the daily level pressure position near 63,000 and the bottom support near 60,500.
4 hours level market
The 4-hour downward trend is temporarily recovering. The upper pressure is near 62,500 and 63,000, and the lower support is near 60,000.
Intraday level analysis
-----The weekly level has bottomed out, the daily level and 4-hour trend have been oversold and rebounded and the market is repairing. In the short term, focus on the upper pressure near 63,000 and the extreme position near 64,000. After that, the downward trend will continue. Pay attention to whether it falls below 60,500 again. -60000 is enough.
-----The intraday level has turned into a short-level upward trend, with the upper pressure near 62500, the first support at the bottom near 61500 and the largest support near 61000.
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