Market Focus
Former Chairman of the U.S. Securities and Exchange Commission (SEC): Spot Bitcoin ETF will eventually be approved in the United States.
Ripple filed a motion opposing the SEC's interim appeal.
Data: NFT sales in August fell by 20% month-on-month to $395 million, with the Ethereum chain accounting for 57%.
Data: The spot trading volume of DEX in August was approximately $22.2 billion, reaching a new low since December 2020.
JPMorgan: Following Grayscale's victory, the U.S. Securities and Exchange Commission (SEC) may be forced to approve the spot Bitcoin ETF.
After the release of non-farm payroll data, the market still maintained narrow fluctuations, showing that the market's bargaining point for the Fed's pause in rate hikes in September is low. At that time, the dot plot can be observed. While BTC is in a narrow fluctuation, some altcoins, represented by CYBER, have rapidly risen and continuously attracted attention with rapid declines. Through data comparison, it can be found that the trend of CYBER is basically consistent with the previous YGG, both backed by the powerful Korean capital market maker DWF and abnormally controlled funding rates.
Due to the poor market environment and liquidity, the market-making time period is also decreasing. Once a variety that meets the above three conditions is found, pay more attention to volatility and risk, after all, an annualized funding rate of two to three times is a big bet.
From a technical perspective, BTC rebounded after touching the previous low of the 25,300 area in the early hours of the 2nd, and the current structure continues to build a head and shoulders pattern with 26,000 as the pivot and 28,176 as the head. The current trend is in the right shoulder part of the head and shoulders structure, and the rebound from 28,176 to 25,300 is relatively weak.
The main chart of the 4-hour structure shows downward pressure, overall momentum is weak, and it is below the zero axis. The coin price has not yet reached the high point near 26,300 in the low range, indicating that the current market rebound is still weak. As long as it does not break through 26,300, it is considered a weak rebound. Therefore, 26,300 will become the biggest pain point area in the recent technical aspect, determining the strength of the market rebound. If it cannot reach the 26,300 area for a long time, the market may once again seek a bottom.
Due to the overall poor liquidity and narrative structure of the coin market, it is not advisable to blindly chase after short-term explosive varieties to avoid getting trapped. Reduce the frequency of trading for varieties without liquidity support as much as possible.
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