Bitcoin market analysis: the bull market has arrived, are you still waiting and watching?
Bitcoin continued to hit new highs last night. The market started from the rebound in the early morning of yesterday and went up all the way. At around 12:00 this morning, it first broke through the previous high of 16477, and then continued to rise, reaching the highest point of 16880. It is still running around 16700. A one-day surge of nearly 5%. The market was a little surprised last night. First of all, the U.S. stocks continued to rise, which is one of the important factors that have prompted Bitcoin to continue to rise. Diving, while Bitcoin rebounded quickly after falling just a little bit, the market may be stronger than expected, and then when the U.S. stock market rose slightly at the opening, Bitcoin became more energetic, which is expected to be related to some off-market factors. In addition, although The current results have not yet come out, but if there is no accident, Grayscale also maintained the operation of continuing to buy coins yesterday.
It is also worth noting that LTC not only broke through the recent new high yesterday, but also broke through the previous high of 312 in one fell swoop, reaching above 70 US dollars, and the highest was close to 75 US dollars, with a single-day increase of more than 18%. Last night, Bitcoin rose and LTC rose Not unrelated. It shows that LTC supporters are relatively strong in execution. Yesterday Li Qiwei just tweeted that LTC would surpass BCH, and he did what he said. On the same day, the market value of LTC has surpassed BCH and came to fifth place. At present, it is recommended that everyone be careful about the trend of BTC. It is true that the general direction continues to be bullish, but the possibility of a callback should also be considered when Bitcoin is currently so strong, especially if the rise is stronger during the working week, there may be unexpected changes in the second half of the week. Backlash, it is recommended that the current spot take profit in batches according to our previous suggestion, and the contract will wait and see first.
After a two-day pullback over the weekend, Bitcoin had another welcome rise on Monday, and it was a one-day increase of nearly 5%. Under normal circumstances, for a rise like yesterday, we will subconsciously check whether the main factors that ordered the market to rise have changed.
In hindsight, not only did the two main factors that promote the current rise in the market happen yesterday, but there were also some "surprise surprises".
Yesterday, Bitcoin was out of the circle for a long time. British actress Maisie Williams launched a vote on whether to hold Bitcoin for a long time. She said that this name may not be known to many people, but if you mention Arya in "Game of Thrones", I believe Most fans of the show are familiar with it.
"Arya" launched a poll on Twitter, asking her 2.7 million followers whether they should "hold Bitcoin for the long term." Up to now, the people who support and those who don't support it are about 50-50, and the people who support it have a slight advantage at 50.8%, and the number of people who voted exceeds 660,000.
Judging from this voting sample, it is very meaningful. Most of the people who pay attention to "Erya" are still outsiders of the cryptocurrency asset circle, and a large part of those who disagree may have never heard of Bitcoin. Those who say they support it also have people who don’t know what Bitcoin is, but it shows that Bitcoin has begun to reverse people’s perceptions.
If this question was asked one or two years ago, from the perspective of outsiders, most of them would definitely not support Bitcoin. After all, the perception of Bitcoin in the past two years was not good for everyone. After the strong performance of the wave, it is very good to reach a 50-50 split ratio. If the support ratio reaches more than 80%, it means that Bitcoin may not be far from a collapse.
These non-insiders, non-investment institutions, and the most concerned group in the world—Hollywood actors, always have to be taken seriously when it comes to products such as Bitcoin. For example, the 660,000 people who voted here have at least Have heard of the Bitcoin product,
Secondly, it’s not our imagination, but such a star, if you really want to know about Bitcoin, there are professionals around you who can consult, but still directly post it to the public media to attract everyone’s attention, and it is very likely that they have already bought it. Bitcoin.
If you see Bitcoin again when paying with Paypal later, will you be more interested in it?
Finally, if ordinary investors in the circle see such public news, they will also consider whether more people will flood into the currency circle in the future, so that they will be more attracted to Bitcoin and speed up the pace of buying Bitcoin. All of them may have a chain reaction on the market. At least yesterday, the currency circle has been publicizing and reposting this matter. It seems that it has at least a positive impact on the currency circle.
It is still necessary to return to the bull market engine of Bitcoin, one is about US stocks, and the other is about institutional purchases.
Today, Clarida, vice chairman of the Federal Reserve, said that the Fed will set the inflation target above 2% for a period of time. Even if the threshold for raising interest rates is reached, interest rates will remain loose. This is decisive good news for the market.
In other words, although the current epidemic situation in the United States has not improved much, even if the situation improves later and the economy improves, the Fed will not raise interest rates. Although it did not say that it will continue to cut interest rates, keeping interest rates loose is beneficial to the market. It is already a relatively clear attitude, but it is a pity that there is no news about the next round of stimulus plans.
Regarding Grayscale, yesterday still lived up to expectations and increased its position by 3,153 BTC. The current total has reached 509,581 BTC, with a total value of $9.9 billion, just short of the $10 billion mark.
In addition to Grayscale, other traditional financial institutions have also moved. The pictures shared by encryption researcher Kevin Rooke on Twitter show that Skybridge Capital, a well-known American hedge fund company, submitted an amendment to the SEC on November 13, seeking Allowing its $3.6 billion fund to start investing in bitcoin.
All in all, after the market rises, it is all good news. There are long-term and short-term ones. More and more people covet the bitcoin market and try to enter the bitcoin market, including individual investors and institutional investors, and they enter the currency circle The method is not aimed at the contract, but directly from the point of view of the spot, which is to buy one less currency. If one day, the price of the currency really rises to the sky, can domestic individual investors participate in this wave of feast? , It's really hard to say.
Back to the market, since the price of Bitcoin hit a new high of $16,880 in the early morning of this morning, it has started to pull back. The range of the correction is very shallow, and the lowest level is still above $16,500. Now it has started to rebound again and hit $16,800.
The current technical level is rising from all levels, and the upper pressure level is also directly looking at 17,000, then a few integer positions of 18,000, and then a new high, without much resistance.
The hourly line level has now changed from the previous parallel level of pressure level to the current somewhat rising pressure line, and there are faint signs of this pressure line being broken again
No matter what you do at present, it is not recommended to enter the market directly. Whether it is chasing high or callback to intervene, for the small partners who have spot in hand, it is recommended to take profits in batches, and the pockets are safe. The remaining bottom positions are to look at the high positions. Even if Bitcoin does not fall, U.S. stocks should also fall, which will also lead to a market correction.
Users who hoard coins are not recommended to pay attention to the short-term market, nor does it mean that it will definitely fall, but there are hidden dangers in this regard. If you are determined to follow the trend, you can just set a stop loss.
