During the BTC shock adjustment period, the price fell below $11,500 on August 25, which promoted the intensification of the long-short competition. The rapid increase in the number of unconfirmed transactions means that many parties have a strong willingness to cover positions. After the transaction is completed, the increase in the concentration of chips means that the main force has another opportunity to trade.
Starting on August 24, the number of unconfirmed transactions of BTC increased from the lowest transaction volume K line of 3.57 million to the highest of 75.05 million, an increase of up to 20 times. In terms of quantity comparison, the value is close to the level before August 7. In other words, the completion of a large number of transactions at present means that the concentration of chips has rebounded below $11,500. From the perspective of the main trader, after the concentration of chips increases, the price will easily trigger a wave of transactions after the price deviates from the current point, thereby promoting the formation of a unilateral trend. Therefore, we still need to pay attention to the possibility of BTC's change.
In terms of platform currencies, BNB also ushered in a technical rebound after HT and OKB shot up and fell back in the short term. The price increase rebounded to around $23. This shows that the trends of BNB and HT and OKB are consistent, which is to stabilize market expectations in the short-term adjustment phase. Therefore, in the process of dealing with price retracements, the platform currency is still a defensible currency.
In terms of mainstream currencies, most currencies failed to rebound strongly, and the market fluctuated slightly during the period of weakening volatility. At the same time, the market value of BTC accounts for 61%, and the value maintains a short-term high operation. This shows that the defensive role of BTC and platform coins during the adjustment phase is very important. In the short term, we can continue to pay attention to the signs of stabilization of BTC, so as to confirm the short-term bottom of the market and intervene in more oversold currencies.