Bitcoin plunges again late at night!
After the CPI data was released yesterday, Bitcoin caused another stir on its own, while the US stock market performed quite well.
The recent four-hour downtrends of Bitcoin have been quite similar, forming a range of oscillation and then breaking downward, triggering a bearish market. The short-term key support for Bitcoin is at 57500, maintaining this level will result in a range-bound movement between 57500 and 62000, while breaking below will lead to a bearish market on the four-hour or even daily chart.
Currently, the price of Bitcoin has returned to 58500. The key levels at 57500 are under friction again! It's time to pay close attention to these levels, as the price can go either up or down.
If it breaks through 62000 and 64000, we may see 69000. Failing to hold will lead to 54500 and 51500!
The US July CPI data has been released, with the overall CPI year-on-year recording 2.9%, returning to the "2% level" for the first time since March 2021. The Fed will definitely cut interest rates in September, the only suspense is the magnitude of the rate cut. Will it be 50 basis points or 25 basis points?
After the data was released, the market turned sharply downward after the favorable CPI, possibly due to the following three reasons:
Surprisingly, the CPI report showed that rents are accelerating, indicating that inflation is still somewhat high. The Fed is likely to choose to slow down the pace of the first rate cut and consider a larger rate cut later. So the market is a bit disappointed.
Iran's banking system suffered a large-scale cyber attack, with preliminary assessments indicating that this may be one of the largest cyber attacks on Iran's national infrastructure. Iran was not planning to cause trouble, but this incident has increased the possibility of conflict.
Some BTC transferred from Mt. Gox continues to be sold off during this period, which will also bring selling pressure to the market. Last night, 33105 BTC were transferred from Mt. Gox's wallet address, worth approximately 1.97 billion US dollars.
Is it really impossible to play in the cryptocurrency market now?
August is still dominated by a volatile market, with ups and downs, long positions at support, and short positions at resistance. Don't chase after price increases and kill the decline.
Trading is not like delivering takeout, you have to complete an order to earn money. Also, the harder you work to make money, the less you will actually earn. On the contrary, trading is more about being calm than being active, the more you fuss, the faster you lose money.
The market is really difficult to operate, with Bitcoin oscillating and altcoins declining. Even meme coins, which were popular before, are now falling continuously.
Is it really impossible to play in the cryptocurrency market now?
Especially in the cryptocurrency market, when the market is good, many coins can double or even increase by five or ten times, and opportunities on the chain are also very active. For example, at the beginning of this year, take advantage of the good times and take a break when the market is not good, it's that simple.
Continue to be patient and wait, and stay put.
Until Bitcoin stabilizes above 62000, it can be handled as an oscillation adjustment. Therefore, for students trading futures and other assets, it is important to take profit at high points and buy at low points.
Recently, the Bitcoin ecosystem has begun to erupt, and some oversold tokens and runes have seen a rise, such as $wzrd, $runi, runecoin, and related ecosystems like $mubi ords, and so on.
Next, we should pay close attention to when the gas on the Bitcoin chain remains high, which indicates an imminent eruption.
In terms of altcoins, it is important to pay attention to high-quality old DeFi projects and the Bitcoin ecosystem, and adjust according to the hot spots in the industry.
Follow me and let's welcome the super bull market together!!!
In the crypto industry, if you want to seize the opportunity of the next bull market, you need to have a high-quality community, where everyone can huddle together and maintain insight. If you are alone, looking around and finding no one, it is actually very difficult to persist in this industry.
If you want to huddle together or have any doubts, feel free to join us - Official Account: Youthful Crypto Enthusiasts
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