Today's homework is a bit complicated. The complexity does not come from the fluctuations in BTC prices. After temporarily breaking through $68,000, BTC's price still maintains slight oscillations, which is normal. If we follow our reasoning, this rise in #BTC is related to BlackRock's financial report. Today, the upward momentum of BlackRock's stock is gradually decreasing, and investor sentiment has begun to stabilize. If tomorrow's spot ETF purchase data declines, it indicates that this prediction is correct, and investors have ended their FOMO buying.
In fact, the closer we get to the $70,000 mark, the greater the pressure on BTC. At this time, the selling pressure will be even higher, so let's wait and see. After all, there are currently no sustained positive factors, and it's hard to say where it can continue to rise. However, if it is indeed due to BlackRock's financial report, then it may become quite difficult moving forward.
The complexity today mainly comes from the on-chain turnover of BTC. Today's turnover is more than double that of the past, with a large number of short-term holders of BTC changing addresses. However, most of these chips are not related to the inflow and outflow of exchanges; it is very likely an internal transfer within the exchanges. Notably, around the $20,000 cost level, about 10,000 BTC were transferred, which complicates the data. Let's wait and see what happens tomorrow.
Some may wonder if Elon Musk's 70,000 BTC is driving this. It's hard to say for sure, but today there are more than 70,000 BTC in unusual activity, so it's difficult to make a definitive conclusion. Let's wait and see.
From the support level perspective, the range from $64,000 to $69,000 is still very stable. The current turnover of chips mainly consists of short-term chips, and there hasn't been a fear of heights triggered by the price increase yet, but it's hard to say once it exceeds $70,000.
Data has been updated, address: https://docs.google.com/spreadsheets/d/1E9awSVwrVOxKOiaMdYT5YZvfveeFd9ENU-iO6dVcGj0/edit?usp=sharing
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