Hi~ Happy New Year everyone.

Last night, the digital currency market experienced a wave of declines, and many people were wondering if the bull market was over. This was even faster than the end of my Spring Festival holiday. Did the bull disappear, or did it go out to visit friends? Let me analyze it:

Let’s first look at the 1-hour cycle. BTC is in the normal platform range after rising. As long as it does not fall below the platform range, it is a healthy adjustment:

Looking at the longer daily cycle, the BTC price is in a position to consolidate and break through the previous resistance level. Once it stabilizes here, it will challenge the higher resistance level of 25,000.

Let's look at it from a data perspective. Recently, the number of open contracts for Bitcoin futures on the Chicago Mercantile Exchange has increased by 21% compared to the past week, which shows that the market, especially institutional funds, have provided support for the recent performance of the digital currency market.

On the news level, some Federal Reserve officials have recently begun to release information about reducing the extent of interest rate hikes. As to whether this will be fully implemented, we still have to wait and see.

So to sum up, my opinion is that yesterday’s market was just a normal adjustment and there is no need to panic.

So what do you think? Feel free to share your thoughts.