The BTC descending trend line has hit again, for the third time!
Looking at Bitcoin's trend, it has once again fallen to the descending trend line that has been holding it down. This is the third time it has encountered this line.
During the first two encounters with this line, there was a lot of market activity, with significant buying and selling volume, indicating that both buyers and sellers were fiercely competing at that position, each trying to push the price in their favor.
But today is different! This time, when it hit the trend line, the buying and selling volume has noticeably decreased.
This is interesting:
Is it because no one is buying? Perhaps there are fewer people wanting to pick up bargains at this price level; either they are too afraid to buy, or they are waiting on the sidelines, thinking it may drop further? Hence, the buying interest is not strong.
Or is it that no one is selling? It may also be that there are fewer people willing to sell at this price level? After the drop, many have become somewhat passive, or they feel that selling at this point wouldn't be worthwhile, so they are just holding on? Therefore, the selling interest is also not strong.
Personally, I believe that a decrease in volume when hitting the line is more concerning, but it may also hide changes. If there are no buyers, it indicates a lack of market confidence, and it may drop further. But if truly no one is willing to sell at this position, it also indicates that selling pressure has temporarily eased, and maybe a bit of buying interest could hold it up, or even lead to a rebound? Of course, it could also just be a temporary calm, with larger movements brewing behind the scenes.
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