Bitcoin maintains box oscillation does not have the basis for a sustained decline

Bitcoin’s volume is general. It is expected to oscillate in the 35,000-38,000 box in the near future, and does not have a basis for a sustained decline.

Bitcoin maintains box oscillation does not have the basis for a sustained decline

Some people say that bitcoin mining is very energy intensive, and that the electricity consumption of bitcoin mining is more than the electricity consumption of an average European country, but any large European multinational bank consumes more energy than bitcoin mining.

Some people say that Bitcoin and other cryptocurrencies will damage the financial stability of the country, but a 2 trillion dollar market, after experiencing a plunge of more than the waist, ask which country’s financial stability has had an impact, in addition to some centralized exchanges down for 1-2 hours, there are nearly a million people were liquidated burst position, does not seem to have too much impact on the existing financial system, this thing if replaced by the securities market, a 50% drop in a day, that is the real disaster, its impact on the entire world economy, will be immeasurable.

Others say that Bitcoin is a Ponzi scheme and has no value of its own, but the maniac would like to ask, do the currencies of countries produce any value other than sovereign endorsement, the Federal Reserve says it prints, the balance sheet has long reached trillions of dollars, all this money is fabricated out of thin air, for the people who have deposits, they have the choice other than to level out the value of these air? And bitcoin at least a total of 21 million, never to be issued in increments, with the global flood, bitcoin will naturally rise, the real value is instead bitcoin, other fiat currencies fluctuate around the bitcoin principal, the big pie in your hand will never be printed money relentlessly diluted, but will become the beneficiaries of money printing. As a store of value, doesn’t it smell good.

More good and bad, the maniac does not want to go into details, bullish on the future of bitcoin, play more in this market, not bullish on the early out, do not eat the fragrant rice here every day, but also cursing this market every day, at least in my eyes, this market than those full of dark financial markets to clean and pure, only, the money here is reserved for those who trust, not people who want to speculate, do a value investor, this will not become your crematorium.

The NVT indicator shows that bitcoin is in a severely undervalued area, the last time it reached this area was March 2020, or 312, and the logic underlying this decline is 312+94, which is a series of explosive liquidations + policy crackdowns, and we all know the results behind the two events, except this time it was done much harder, and it may take longer to recover.

The bitcoin giant whale accumulated 30,000 bitcoins this past week, last week it tuned 120,000, and this week it added another 30,000. Think about how many other institutions and giants are staring at this market, and as hoarders get more and more, it will become exceptionally easy for the coin price to rise.

The first crypto exchange to be regulated in South Korea was launched in August-September, and it is now legal to speculate on coins in South Korea. The rules of regulation and taxation continue to be introduced, and the crazy Koreans will be even crazier in the future, and the negative is the bitter sweet.

The governor of Nigeria’s central bank even changed his previous attitude and said that cryptocurrencies such as Bitcoin will be legalized in the country, a change that caught people off guard, and the more countries that fall back, the more sedate Bitcoin’s pace will be.

The Miami Bitcoin Consensus Conference will take place next Thursday-Saturday EST, and most of the participants are Bitcoin believers, so the odds are that what is said will be good information, but from the results of previous Bitcoin Consensus Conferences, the overall impact on the market is not great, so there is no need to have high expectations.

USDT exchange inflows MA7 hit a nearly one-month low, indicating that the funds coming in to bottom out continue to be consumed, which is not conducive to the continued rise of bitcoin, but the market’s selloff has been pretty much digested after 519, so the near future belongs to the stage of supply and demand balance, and the market will tend to be relatively smooth.

The panic index is 10, so it’s up today, you know.

Market Analysis

Bitcoin.

Today bitcoin although up a lot, but the volume of the overall general, is expected to be in the near future in the 35000-38000 box oscillation, not quite have the basis for a sustained decline.

ETH.

Today’s rebound volume is not bad, the recent Ether is still hundreds of thousands of hundreds of thousands every day to be bought by institutions to lift away, with the BSC ecology was crazy attack, the advantages of Ether began to appear, the market rebound is expected to continue to be stronger than the big cake.

DOT.

The overall is not as strong as expected, and the linkage oscillation is dominant.

XRP.

Linkage rebound, because the selling pressure is not big, so the rebound space is still there.

LINK.

The recent mainstream inside the strong coin, the rebound amplitude than other mainstream strong, the volume is also enough, can continue to hold.

ADA.

The general trend has not gone bad, this is the only one inside the mainstream coins, so the market after the new high should be a matter of time, wait patiently.

XMR.

Oscillating higher mainly.

ETC.

Today’s rebound volume is average, the probability of the market being stronger than other mainstream is still very high.

DOGE.

Downward triangle finishing, today’s rally is more like a time to reduce positions and change coins.

FIL.

New lows do not necessarily go out, short-term look weak rally.

UNI.

Volume is still okay, expected to continue to rally.

MATIC.

Continue to hold and wait for new highs.

The overall market risk is not big, hold your position for the rebound. If you bought bitcoin yesterday after it broke a new low, hold on to the cheap chips in your hand. In addition, many value coins are rallying sharply today, laying the foundation for short-term stabilization.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/bitcoin-maintains-box-oscillation-does-not-have-the-basis-for-a-sustained-decline/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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