Plunged by 60,000! Bitcoin leads the decline, will the altcoin market be bleeding? #BTC.. #热门话题
Currently, Coinbase's stock has fallen by 6% before the market opens. This makes American traders feel a lot depressed. Everyone is guessing what will happen to Bitcoin? Is it a small fluctuation like a gentle breeze blowing across the lake, or is it like a waterfall plummeting to the 60,000 mark?
Looking back on this year, Bitcoin has been really prosperous. It has soared from US$42,560 at the beginning of the year to an astonishing US$73,000, an increase of almost 176.1%! The entire market seems to be waking up from hibernation and is full of vitality and vitality. But having said that, the sun will not be high in the sky forever, and Bitcoin’s rise cannot continue forever. In the past seven months, Bitcoin's monthly chart has had seven consecutive positive lines, which is extremely rare in history. Even the bull market of 2020-2021 has never been so strong.
However, things must go to extremes, and Bitcoin’s overbought signal is already very obvious. Just last night, it suddenly fell below the $68,000 mark and is currently trading at $67,000. This sudden drop is like pouring cold water on the frenzied market, reminding us that the risk of a correction still exists.
In this Bitcoin feast, every move of those "whales" holding large amounts of Bitcoin affects the market's nerves. Now, Bitcoin in the hands of short-term holders has accumulated a large amount of unrealized profits, which has been extremely rare in the past three years. This makes people worry, once these "whales" start taking profits, what kind of impact will the market suffer?
Judging from on-chain data, although most short-term holders are still waiting and watching, some "whales" have already begun to reduce their Bitcoin holdings. In the past month, they have sold more than 80,000 Bitcoins worth $4.96 billion. If this selling trend continues, it is likely to trigger more short-term holders to follow suit, thus accelerating Bitcoin's downward trend.
So, what’s next for Bitcoin? Changes in market sentiment are also an important factor affecting the trend of Bitcoin.If "whales" choose to reduce profit-taking, or if net inflows into spot ETFs continue to increase, Bitcoin may still continue to rise. After all, it once climbed all the way to highs of $73,000.
However, judging from the recent trend, although Bitcoin still shows a bullish signal on the 4-hour chart, after falling below $68,000 this morning, the support levels near $72,000 and $70,000 have been lost. According to the MVRV Pricing Band indicator, if Bitcoin fails to hold the key support level of $67,000, this round of price correction may be much larger than we think. It could go all the way down to the 2.4 MVRV level, which is around $61,700. Worse, if there is a further break below the key support at $59,000, Bitcoin could drop all the way to $53,099.
Now, I have reminded everyone in the group to avoid risks and reduce positions appropriately. I'm alone in the car in the high seat, waiting for the wind to come and the flowers to bloom, that's it! Those who still don’t know how to operate in the bull market are welcome to like, follow and pin it! Let’s take a look at the muddy waters of Bitcoin and how to get through it!
