With the shrinking trading volume, the decline of BTC is starting to ferment uncontrollably. The recent 24-hour trading volume has shrunk to 16 billion US dollars, the short-term BTC’s decline in the bulls’ resistance is obviously insufficient, and a larger retracement will appear in the near future.
In the process of BTC breaking, after the central price of $9,500 was easily broken below the month, the rebound did not stand above this point. This shows that the bulls have recently been unable to reverse the price decline. Judging this price retracement in a larger range, the relatively effective support is already around $8,600. Nevertheless, this is also a relatively optimistic view.
Looking at the adjustment space of BTC with range shocks, there were two effective price rebounds in the short-term low of 8600 US dollars in the early stage, which should have become a strong support. However, after the current BTC fell below $9,500, the minimum reached $8915, which is very close to $8,600.
However, data on volume and number of active addresses shows that investors have a low trading enthusiasm, which reduces the possibility of a rebound.
In terms of buying and selling, in the process of BTC’s volatility retracement for three consecutive trading days, although the selling decreased rapidly, the number of buying in the same period did not increase. This shows that the long and short sides have simultaneously reduced the transaction volume, which shows that the current transaction heat is cooling down quickly. If there is no obvious sign of stabilization in the near future, a rebound can be a short-term short trading signal.
With regard to other mainstream currencies, the effect of volume increase during the withdrawal of most currencies is not significant. This shows that the decline is not enough to push the bargain-hunting funds into the market. From this perspective, the current decline is still in progress. Unless the psychological price of investors is touched, it is difficult to have a more obvious rebound performance.
Disclaimer: Please do not take this as investment advice; please reply to your own judgment. The above analysis does not reflect any preferences of Bexplus exchange platform.