Analytics

Crypto Market Analysis – July 9th

BTC’s short-term rebound to around $9,400 is already above the cost price of recent investors. According to this judgment, the price will have a strong short-term increase performance expectations. In terms of the number of active addresses, it has maintained a high level of operation for three consecutive trading days, with a value close to 1 million, and investors have paid more attention to the market.

Through the adjustment in the past 2 months, the short-term rebound space of BTC has increased, and it is actually confirming the reversal signal. Since July 6th, the short-term increase of BTC has reached the closing price of nearly 11 trading days, indicating that the reversal characteristics are very clear. That is to say, BTC’s adjustment phase within 2 months has pushed investors’ overall cost price concentration to $9,300 to $9,400. This is the rebound of BTC, further confirming the bullish signal.

In terms of the number of active addresses, it was maintained above 900,000 on July 6th, with values ​​of 990,000, 970,000 and 1.01 million, respectively. This shows that more investors have indeed participated in the transaction in the near future. In other words, the current activity is very favorable for BTC to break through.

In terms of price, a breakthrough of $9,400 means that investors holding currency have recently gained profits, and the market will expand its gains when the selling pressure is alleviated.

In terms of mainstream currencies, the short-term market performance of ETH and XRP are stronger than BTC, while the market performance of popular currencies DOGE, ADA, VET and so on are even stronger.

In terms of market value, BTC’s short-term market value accounted for 63.76%, which has recently dropped significantly by 2 percentage points. In other words, BTC has a strong expectation of supplementary demand. At present, the integer price of $10,000 is the resistance level. I believe that once the price strengthens, it will be a wave of 50% Fibonacci corresponding to the surge of $11,515. Therefore, more attention needs to be paid to price changes.