Based on past data, we know that starting from May, cryptocurrency mining companies have been hoarding Bitcoin on a large scale and actively increasing new equipment to improve computing power, with little news of large-scale selling. However, yesterday, according to crypto analyst Ali's monitoring, Bitcoin miners sold approximately $41.2 million worth, or 1400 BTC, in the past day.
Mining farms are usually long-term believers, especially in the current environment of an "impending halving." There are several possibilities for the sales: repayment of loans, purchasing mining machines to increase computing power, and the belief that the cryptocurrency market will continue to decline. The prevailing view tends to be a combination of the latter two factors.
From the current market situation, the probability of a pullback in the next month is greater than the probability of an increase, and this pullback is likely to be on a monthly trend level, lasting a long time and covering a large range. Caution should be exercised for the following reasons:
Bitcoin has been trading sideways at high levels for several months, with shrinking trading volume, which is not enough to support a significant further increase.
John Reed Stark, former head of the SEC's Internet Enforcement Office for 11 years, who warned that the impact of cryptocurrency regulation will never end. This is extremely unfriendly to the market.
Institutions have not entered the market, so where is the funding to support the market's continued advance?
The SEC's lawsuits against BN and Coinbase have not yet been resolved, so where is the favorable environment?
Market Analysis
Bitcoin: Focus on the pressure at the 30100 level; support can be placed at the 28500 level.
Ethereum: The upper pressure range is still between 1870 and 1878, with support at 1800, weaker than Bitcoin.
Value Coins: Pay attention to CFX.
Message: Time is the best "medicine" for healing, and strength comes from enduring, and success comes from persevering.
Follow the public account to use AI analysis to grasp the turning points of spot and contract trading.
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