BTC is currently in a sideways fluctuation state, and the downward channel has been opened, but it does not mean a unilateral decline, but more of a fluctuating downward trend. There is obvious buying support near 29,000, and the selling sentiment decreases when it approaches 29,000. At the same time, there is strong selling pressure near 29,600 above. The trading volume shows that the fluctuation range of the main control still exists, and within this range, even if the transaction volume is low, there can be a 100-200 increase.
From the news perspective, there is no obvious news to stimulate the market. Among the positive factors, the effect of BlackRock's application has been digested, the bill application of the US House of Representatives ended in failure, and Japan's web3 conference and Bi'an's actions continued, but these news failed to bring a breakthrough to the market.
At the same time, negative factors are gradually decreasing. For example, the interest rate hike has already taken place, and the stimulus to market sentiment may no longer be much. It is not yet certain whether the Ripple case will be overturned by the SEC again on appeal, and the concerns about Bi'an are gradually being digested. It seems that the development of the market is still relatively benign.
On the whole, the current market's long and short factors have not shown a clear breakthrough, so a market correction is inevitable. The recent view is biased towards a short-term correction. The short-term support level below is the small support near 29,000 and 28,500-28,000, while the real effective support level is between 27,500 and 27,000 below. If the market really falls to this position and breaks through effectively, the space below may be larger, and it may reach below 25,000. Market sentiment has been relatively sluggish recently, and institutions and whales seem to have turned their attention to various altcoins, which have frequently moved recently.
As for the trading strategy, it is recommended to go short at the top and wait for a small rebound to cover the position. It is feasible to take advantage of the rebound in the shock range, but the risk is relatively high. It is necessary to find a suitable point to buy at a low position, otherwise there may be a greater risk of being locked in.
In terms of spot trading, it is recommended to continue not to open a position. Recently, many spot traders have suffered heavy losses. Many people are building positions without considering the trend of the market, which is wrong. The rise and fall of any token will be affected by the trend of the market, unless it is a single main controlling coin.
The summary is as follows:
BTC is currently fluctuating sideways, and the downward channel has opened, but it is not a unilateral decline.
There is obvious buying support near 29000 and strong selling pressure near 29600.
The good news has been digested, the negative factors are gradually decreasing, and the possibility of a market correction is high.
It is recommended to wait and see, and you can short at the top and wait for a small rebound to cover your position.
The short-term support is 29000, 28500-28000, and the effective support is between 27500 and 27000. It is recommended not to open a position in the spot market, and pay attention to the impact of the market trend.