Crypto Market Analysis – June 30th

Recently, during the volatility of BTC’s high contraction volume, the shrinking trading volume has prompted investors to cool down their trading heat. The willingness to pull the main market is very low, and BTC is moving towards a larger callback space. The data of on-chain transactions also shows that under the recent weak performance of BTC, the on-chain transaction volume frequently peaks, or the main signal of recent escape.

Since June 2nd, the transaction volume of BTC on the chain has frequently reached short-term highs, and the number of transactions on the chain has rebounded more than 5 times. But looking at the performance of BTC in terms of volume and price, the shrinking volume adjustment has never shown signs of ending. Therefore, you can confirm the main force or start to flee at this stage. Before the decline of 9000 US dollars BTC has expanded, the current point or the opportunity to short.

In addition, the number of BTC sells frequently reaches short-term highs, which also limits the performance of price increases. Since May, within the 10% price range, BTC’s selling scale on the Coinbase exchange has maintained a high level of operation, and the number is more than 1.2 times the buying scale, which makes BTC’s performance fall in a volatile manner.

In terms of price, after BTC began to rebound on June 28, the short-term gain was very limited. Price fluctuations are quite slow, and the support of $9,000 is relatively limited.

Concerned that BTC is already below the cost price of investors within 2 months, most mainstream currencies follow the weak side of BTC and oscillate sideways. Considering that the $8191 corresponding to the 120-day moving average below BTC is still far away, starting from below the current 60-day moving average, I believe there is still much room for adjustment. Therefore, the recent increase in the number of short orders is still a coping strategy for opportunities.

Trade with Bexplus >>

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.