The BTC adjustment is expected to be strengthened, and the daily BTC price retracement is about to fall below the 30-day moving average corresponding to $18,112. The rebound in transaction volume on the chain means that investors have more willingness to trade.
BTC's 24-hour trading volume fell back to around 26 billion US dollars, and the recent trading volume is at a low point. At the same time, the transaction volume on the chain rebounded slightly. Although the peak value was less than the highest point on November 16, the lowest value has rebounded. This shows that investors are not ignoring the short-term decline in BTC prices, but are willing to take further action. What needs to be mentioned here is that longs may have the willingness to increase their positions, but active buying is not common.
In terms of price, the tested support level of BTC appeared at $16,199 on November 16. This point is very close to the $16,297 corresponding to 78.6% of Fibonacci, and is a verified effective support level. The short-term BTC is currently at a low price without breaking the 30-day moving average. Considering that the shrinkage adjustment of most mainstream cryptocurrencies has not yet ended, BTC may further expand the adjustment space.