🚨ETH plunged 10%📉! Bitcoin plunged to 58,000! 📉 The reason has been found! The first analysis of the full text is open!
Bitcoin broke through 60,000 for no reason at 5 o'clock last night, and then it continued to fall all the way💩, directly plunging to 58,000. The reason is also easy to understand, because 60,000 is both a support level and a pressure level, and it is a place where both long and short sides compete fiercely. Either it will fall to 60,000 and rebound quickly, or it will break 60,000 and go directly to 58,000, which is the same as my expectation.
Here I will introduce an indicator to measure the performance of altcoins and the market sentiment. That is ETH/BTC. You can search for this currency pair, and then you will find that today's index is the lowest point in recent years, almost close to the level of the big drop on August 5. I expect this index to continue to fall, and it is inevitable that it will break the level of August 5, which means that altcoins are about to fall sharply. If you don't believe it, we can pay attention to this indicator and slowly see whether the market of altcoins is as I said in the future.
Adding insult to injury, adding insult to injury!
On August 24, the Ethereum Foundation deposited 35,000 ETH (about 94.07 million US dollars) into Kraken. The last time ETH was transferred to Kraken was on May 6 last year, when 15,000 ETH (about 30.1 million US dollars) was transferred to Kraken, and ETH fell by 13% in the following 6 days. This transfer operation has caused concerns in the cryptocurrency community. It is also the reason for the sharp drop in the ETH/BTC index, dragging down a number of altcoins.
Analysis of the reasons for the decline:
Many people are confused about the reasons for the decline, and many people have begun to blame the dog dealers again. I can only say that the dog dealers have endured too much. In fact, it is because Bitcoin has grown too fast, and it has risen to 64,000 in a short time, which will naturally be accompanied by a sharp drop. The sharp rise of Bitcoin and all currencies last week was because last week, Federal Reserve Chairman Powell hinted that the Federal Reserve would lower the benchmark interest rate, but now the market has digested this good news.
Last night, the US stock market rose slightly, but Bitcoin fell so much. I am sure that many people do not agree with my reasons, but there is nothing I can do. This is the reality. The future of altcoins, especially memes, will be more difficult. This is not the first time I have said this. The last time Pepe broke out, many bloggers were still boasting about altcoins. Now their graves are covered with grass, right?
Follow me, the coin circle hoe, and take you to dig deep for wealth!