Today is a relatively familiar day in the currency circle “9.4”, so many people say that this is to commemorate the third anniversary of the “9.4” in 2017. It fell every year 94 and heartache every year. Could it be that Bitcoin could not pass this hurdle?? BTC fell below the 10,000 yuan mark and turned from a bull market to a bear market in three days, alas…
The digital currency market fell for 3 consecutive days. Yesterday, there was another sharp drop of nearly $1,000. The price quickly dropped from above $11,300 to $9,978. It stopped falling and rebounded. The lowest was once again close to the double bottom neckline formed by the previous monthly line breakthrough. Support near 9800 US dollars, we can see from the recent trend of the daily line, the daily line does indeed fall below the 9800 US dollar support effectively.
The late market is not only falling in the Bitcoin market, including U.S. stocks and gold prices, especially U.S. stocks. Yesterday the three major indexes fell 3%-5%. This is a relatively large decline, and Bitcoin has also been falling. Falling, and falling so fiercely, makes people wonder if “312” will repeat itself.
But in fact, the decline of Bitcoin yesterday is not necessarily caused by macroscopic reasons. The most obvious is gold. Some time ago, the price of Bitcoin followed gold. Yesterday, it only trivially dropped by about $10. Affect the Bitcoin waterfall.
U.S. stocks are not the culprit either. It was 8 o’clock when Bitcoin started the first big drop last night. At this time, the U.S. stocks had not yet opened, but it fell again at 10 o’clock. The drop was about $500. This part may be U.S. stocks. The impact of the decline, but then rebounded, and almost recovered the decline during the decline of US stocks. US stocks closed at 4:30. After 7 o’clock, Bitcoin began to fall again. This wave fell directly below 10,000 US dollars. It seems that US stocks fell. Somewhat far-fetched.
From the perspective of BTC technical graphics, the current daily line is also a finishing triangle. The trend is similar to the convergence of the previous triangle of 10,000-9,000 US dollars. The previous time BTC broke through at the end of the triangle, and the price rose from 9,200 US dollars to 12,000 US dollars. The range rose by more than 30%, and the end limit change date was near September 1. Yesterday’s wave of strong downwards killed, and the price just hit the triangle’s upper rail to the lower rail support. After the touch, the price quickly increased. Offline pin posture, today’s daily line has been able to pick up quickly for multiple pin insertions, verifying the former support role of the trend line. As long as it does not effectively fall below the last support of 9,300 US dollars, it will return to the old 9.4 in 2017 shortly. Routine.
1. A lot of money in the currency circle flows into Defi, and the exchange lacks real coins and has no coins.
A mainstream view in the current market is that recently major exchanges have been depressed by Defi. Everyone is going to engage in Defi. When you go to the exchange, you just change the currency and immediately withdraw it. The exchange has become a tool man, so I want to engage in some Defi projects. Although some Defi currencies have indeed fallen sharply, some mainstream currencies have fallen even worse, so I can’t say who is doing it. Anyway, it’s for the people who smashed the market. The results are all good.
Recently, more and more people are buying coins. After the price has risen all the way, many people withdraw coins or withdraw cash after selling, and there are too many counterfeit coins on the exchange and insufficient stock. If you want to have overnight food, you can only hit the market…
2. The US dollar rebounded; the currency circle fell in tandem with US stocks and gold
In the past three days, the U.S. dollar has risen against other reserve currencies. The dollar has shown a particularly strong momentum against the euro. The European Central Bank (ECB) warned that the euro has become too expensive. The European Central Bank’s warning shocked the market and caused the euro to sell off because investors feared that restrictions would be imposed. As the U.S. dollar began to rebound from the multi-year support area, both Bitcoin and gold fell sharply.
Last night, U.S. stocks, foreign gold, etc. all fell, and digital currencies fell simultaneously with the market. The simultaneous trend of digital currency and gold for one month has led to the decline of everyone. Even our domestic A-share market could not escape the catastrophe today. Sure enough, the market opened early in the morning. The A-share stock market is also pan-green.
3. Miners sell-off, the harvest season of gold, nine, silver and ten
As earlier today, in recent days, the number of BTC sent by large mining pools to exchanges has exceeded normal levels. The data shows that miners are preparing to sell their bitcoin holdings, which puts selling pressure on the market. CryptoQuant CEO Ki Young-Ju wrote: Miners regularly send a certain amount of BTC to the exchange, so they already have a large amount of BTC on the exchange. Whenever they decide to sell, it seems that they will transfer a relatively large amount of BTC to other wallets, some of which will be exchanged.
Miners represent one of two sources of external sales pressure outside of exchanges in the Bitcoin market. When miners start to sell their holdings, it may put tremendous pressure on BTC.