Let's examine the current consolidation pattern of the overall market:
The previous wave of market rose from over 30,000 to over 70,000, followed by a consolidation lasting more than half a year. After reaching a new low of 49,000, a pattern of higher lows and higher highs emerged.
This wave of market moved from over 60,000 to 110,000, and after reaching a new high on January 20, it has only consolidated for 2 months, showing a bearish trend with increasingly lower highs and lows.
Before the bearish trend completes its bottoming process, do not expect too much from any rebounds. Whether or not you catch a rebound, and regardless of whether you make a profit, it's best to take gains when they are available.
Finally, let's take a look at the Bitcoin reserves on exchanges. Since February, the major exchanges have shown a significant upward trend in Bitcoin holdings, indicating that more and more people are transferring Bitcoin from cold wallets to exchanges for sale, which is not favorable for short-term prices.
#Market analysis is for reference only #Does not constitute investment advice