Analytics

Crypto Market Analytics 06/28

After BTC failed to rebound on June 22, the shrinkage adjustment entered the sixth trading day. During this period, the trading volume was still shrinking, with the lowest 24-hour trading volume reaching US$14.5 billion. It can be seen that the adjustment shows no sign of ending, and the price retracement is still the general trend.

Recently, there have been some obvious negative factors. First look at the changes in the miners’ first selling volume. Starting from June 23, the miners’ first selling volume exceeded the output of BTC again. Recently, miners sold 8683 BTC a week for the first time, surpassing the output of 6531 BTC to 2152 BTC. In other words, the increase in miners’ selling volume confirmed the price direction of BTC’s decline.

At the same time, in terms of changes in the number of major bitcoin holdings, the number of accounts holding more than 100,000 BTC has recently dropped significantly to 1.38%. It should be noted that the main change in the number of holding coins is obvious recently, or a significant bearish signal.

In terms of the number of bitcoin-days-destroyed, recently, the number of bitcoin-days-destroyed has peaked on June 24 and June 26, respectively, which means that the main change in holding bitcoin for a long time is obvious. In the chip conversion trend, the main change in the long-term bitcoin holdings has intensified the transfer of chips and promoted the formation of new trends.

In the process of the expansion of BTC’s decline, the market value accounted for 65.9% in the short term, and the mainstream currency’s decline in 24 hours significantly exceeded BTC. It can be seen that the overall market adjustment is expected to be strong. It is expected that above $8,000 is a relatively clear trend of shock adjustment. Judging from the distribution of the average holding cost of trading volume, most investors of BTC cost between 8,000 and 9,000 dollars during the year. Therefore, the fluctuation of BTC in the range of 8,000 US dollars to 9,000 US dollars is a process of gradually falling below the cost price of investors. Next, the price trend of BTC is expected to fluctuate and fall, and the typical buying point will come during the period of decline.

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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.