News

According to analyst Chongfeng Duck Army on platform X, the daily chart for Bitcoin shows a long-bodied bearish candlestick with short upper and lower wicks, accompanied by nearly double the trading volume of the previous day, indicating a volume-supported pullback. Despite the MACD showing a weakening upward momentum above the zero line, the MA30 on the daily chart continues to trend upwards, suggesting that the upward trend remains intact and the current dip is just a normal adjustment in a phase of peaking. If the price falls too steeply in the short term, a rebound might occur, with expectations of a continued downward oscillation, potentially testing lows near $87,400. Notably, despite Bitcoin's price fall, Ethereum and most altcoins have held strong, not following the downturn closely. The upcoming focus will be on the altcoin market, which could see significant rallies, not to be missed. Key resistance levels on the daily chart range from $98,800 to $126,000, while support levels lie between $91,280 and $78,900. From an hourly perspective, the market might undergo a brief rebound before continuing its decline. It's advised to go long at $93,070 and short at $96,725, with careful attention to timely profit-taking and stop-loss management. The liquidation heat map indicates that large short orders in the $96,500 to $104,500 range and large long orders in the $92,600 to $91,800 range will be crucial price points to watch.

Bitwise Chief Investment Officer Matt Hougan said on the X platform: "Microstrategy has purchased 212,000 bitcoins in the past 12 months, exceeding the number of bitcoins that will be produced by the Bitcoin network in the next 12 months (estimated to be 164,000). People underestimate the importance of corporate bitcoin purchases because they forget how few bitcoins there are. Corporations already own 900,000 bitcoins and their purchasing speed is accelerating."