Good morning, the AICoin editor shared their views on the recent market downturn in the PRO CLUB group. See the details below.
Last night, BTC failed to break through and hold the key level of $70,000, leading to a drop of over 5%.
According to tracking of large orders, before the drop, major BTC holders were bearish and opened short positions, closed long positions, and sold spot positions worth over $92 million near the $70,000 level! AICoin's main signal alerted the bearish sentiment at 20:25 and is currently profitable by 5.24%.
In the early morning, after the U.S. government transferred nearly 29,800 BTC, the market further declined. However, these BTC are suspected to have been transferred to custody addresses, requiring continuous tracking to see if they will eventually be transferred to addresses related to Coinbase.
It is worth noting that although there were a large number of market sell orders on the Coinbase platform after the U.S. government address activity, the balance of the receiving address has not changed, and no new transfers have been made. From this, it can be inferred that the U.S. government has not actually sold. If there are further address activities and Coinbase experiences large market sell orders, it is highly likely that they are selling off, and the market will face a new round of selling pressure.
In addition, in the early morning, Mt.Gox addresses once again showed small transfers, suspected to be preparing for the next round of debt distribution. Caution is needed for the risk of a further decline.
Pro tip: After a large amount of BTC is transferred to an exchange, it is necessary to combine the data of large order transactions. If there are large market sell orders, it indicates selling off, while also paying attention to whether there are new sell orders. It was very obvious when the funds were transferred to Bitstamp previously, as after the transfer, there were no large market sell orders on Bitstamp, and the price did not drop.
Special reminder: Stay tuned to AICoin news, focusing on Mt.Gox and U.S. government address activity data, to help you capture opportunities in a timely manner!
For more valuable insights, you can join the PRO CLUB group to access: https://www.aicoin.com/vip/chartpro?purchase=1
Data is for reference only.
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