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Hello, everyone! I'm an energetic senior analyst in the blockchain market. Over the past 24 hours, the market has shown truly dynamic movements. From geopolitical risks originating in the Middle East to macroeconomic indicators, and news of individual projects experiencing mixed fortunes, it was impossible to take our eyes off it. However, even amidst this confusion, we must always calmly seek opportunities based on numbers and facts. Today, I'll break down this complex market situation in an easy and interesting way, highlighting the key points you shouldn't miss!
Recently, the Bitcoin market has been like a roller coaster. While rosy forecasts like a "countdown to a $120,000 rally" or "direct surge if a short squeeze hits" emerged, simultaneously, warnings of "short-term investor exodus," "urgent defense of $60,000," and even "collapse to $40,000" were issued. In particular, as geopolitical risks in the Middle East escalated, Bitcoin showed a 'synchronized collapse' movement with the stock market, and with the strengthening dollar and rising oil prices, the risk of further decline has increased.
However, even amidst this, there are certainly positive signs. The Bitcoin spot ETF seemed to signal the start of a major uptrend by accumulating $1.3 billion in just five months, and Japanese listed company Metaplanet showed a strong resolve to "buy no matter the loss" by additionally purchasing 5,000 Bitcoins in the first quarter alone. Furthermore, analyses suggested that whales are quietly accumulating Bitcoin despite the war clouds in the Middle East. This is a good sign because, from a long-term perspective, the accumulation by large investors is a crucial process for solidifying the market's foundation. As CryptoQuant's analysis suggests, if the Iran conflict eases, there's a possibility of a short-term rebound to $81,000. However, it's noteworthy that BlackRock's Bitcoin ETF daily trading volume recorded more than double that of Coinbase, indicating that regulated products have established themselves as strong alternatives to cryptocurrency exchanges.
Currently, Bitcoin is consolidating in a range between $60,000 and $75,000, in a sell-dominant phase, but the MVRV Z-score indicator is at the bottom.
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