Important information in the cryptocurrency circle within 24 hours:
1. K33 Research: The approval of the spot Bitcoin ETF in January seems to be a “done deal”;
2. BlackRock met with the SEC again, and the total number of meetings between ETF applicants and the SEC has reached 24;
3. Michael Saylor: Spot Bitcoin ETF is the biggest development on Wall Street in the past 30 years;
4. The stablecoin ibEUR decoupled from its anchor by nearly 60% in the short term;
5. CME Bitcoin options open interest hits record high;
6. Coinbase is shutting down nonprofit Givecrypto;
7. Marathon Digital acquires multiple Bitcoin mining farms for approximately $179 million;
BTC Market Analysis
Bitcoin rebounded strongly from the bottom yesterday and rose to its previous high in an instant. However, yesterday I showed you the liquidation map after the rise. There were a lot of longs below and very few shorts above!
This is a screenshot of yesterday's article. You can clearly see the gap between long and short positions! So my conclusion at the time was that it was difficult for the price to go up directly!
The subsequent situation was just as I expected. The price had a certain correction space in the evening and dropped to around 41800. It started to rise in the early morning and reached 4300!
What will happen next? Can the price continue to rise?
According to our opinion yesterday, the price will still rise, but because the car is too heavy, it is impossible for the dealer to make money with so many people, so now the price continues to fluctuate at a high level, and continues to grind, so there is a good chance that it will continue to rise!
Then let's look at the liquidation map and analyze it again. We can see that there are obviously more shorts on the top than when we saw it yesterday. This is because the price was blocked at the previous high point, so the shorts entered the market.
So if there are continued obstructions and shocks, there will be more and more shorts, and then the market makers will have the motivation to push the price up!
Bitcoin inscription:
Then about the inscription!
Let’s analyze ORDI first. Compared with yesterday’s price increase, the increase in Bitcoin is not large. The increase in Bitcoin is still too small and no upward trend has been formed. Therefore, the dealers of altcoins dare not pull it up. If they force it to pull up, Bitcoin will suddenly fall, which is very uncomfortable!
There is also SATS. When we analyzed it yesterday, the price had already reached the top of this channel, but it still did not break through. In my personal opinion, it is very obvious that it is waiting for Bitcoin to break through again. Once it breaks through, it will take off. The heat is still there and it can continue to be hyped!
Finally, there is RATS. Yesterday, we analyzed that the price is likely to continue to fluctuate sideways at the bottom and is brewing an increase. I think it may not rise much even if Bitcoin rises. Maybe it is waiting for a wave of news hype? For example, spot listing on Binance.
I think it still has a chance to rise, but we can’t rush now. It is common for altcoins to fluctuate sideways at the bottom, just waiting for a sudden outbreak!
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