Analysts at Bexplus believe that BTC fluctuates sideways, and there is little room for short-term fluctuations, and the direction has not been further confirmed. In terms of mainstream cryptocurrencies, FIL have seen larger gains. Most mainstream cryptocurrencies have small gains, and adjustments may take more trading days to end.
With regards of on-chain activity performance, the transaction volume on the BTC chain is obviously running at a low level, indicating that the activity of the BTC network has been significantly reduced. Comparing the transaction volume on the chain with the price of BTC, it can be confirmed that the current BTC contraction operation characteristics are obvious, and the activity of the main force has decreased, which has lowered the expectation of BTC’s rise. At the same time, the continuous decline in the transaction volume on the chain means that the BTC price may have a greater chance of change.
In terms of short-term hot spots, FIL continued to soar in the short-term, with an increase of 63% in 6 trading days. This shows that the short-term pull of the relatively stagnant FIL indicates that the current market is still compensating for the rise. FIL showed a weak adjustment before February, and the supplementary price increase showed that the overall market was showing greater selling pressure.
In terms of capital flow, 96% of the net inflow of funds to buy FIL came from USD, indicating that investors are actively buying USD. Buying FIL with legal currency instead of buying FIL after selling mainstream cryptocurrencies such as BTC indicates that the independent market trend of FIL is relatively strong. The current trend of FIL is completely independent of other mainstream cryptocurrencies, and the expected increase is worth looking forward to.
DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.
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