Everyone, today $BTC , the only word I have for this market is: grind.
I watched it for two hours this morning. The price climbed back from 76641.0 to 77270.1, made a round trip, and left nothing behind.
The key point in this round is not the drop, but that no one is taking the other side.
The current price has only climbed to the 11.62% percentile of the range, while above it there is still a full band of trapped holders, and trading volume has remained below nine billion dollars for four straight days.
That volume line says it most plainly: on October 29 and 30, it was 20.3 billion and 18.7 billion dollars respectively,
then it shrank to 3.96 billion and 4.26 billion, yesterday rebounded to 8.97 billion,
and so far today it is only 710 million.
On the funding rate side, only 0.01% remains, and open interest of 99,059 contracts is still hanging in the order book. Neither side dares to add size, and no one wants to pay to hold a position.
At first glance I thought I had misread it, and only believed it after checking twice.
To use a rough analogy for the chips, it is like a big pot on the table: there is only so much food in the pot, and whoever is closest to it serves first, while those farther away can only watch.
Right now it is not that there is not enough food, but that no one is willing to bring it to the table.
A sideways market under this kind of volume, I tend to interpret as weak hands being washed out, price levels being attacked but not the underlying logic, and the sector is still intact.
So should we reduce attention? My answer is to keep watching for now, and do not rush to define the market's direction.
What do you all think about this pot? Let’s chat in the comments.
$ETH $SOL
#比特币 #以太坊 #cryptocurrency
The above is a personal trading system record and data observation, and does not constitute investment advice
I watched it for two hours this morning. The price climbed back from 76641.0 to 77270.1, made a round trip, and left nothing behind.
The key point in this round is not the drop, but that no one is taking the other side.
The current price has only climbed to the 11.62% percentile of the range, while above it there is still a full band of trapped holders, and trading volume has remained below nine billion dollars for four straight days.
That volume line says it most plainly: on October 29 and 30, it was 20.3 billion and 18.7 billion dollars respectively,
then it shrank to 3.96 billion and 4.26 billion, yesterday rebounded to 8.97 billion,
and so far today it is only 710 million.
On the funding rate side, only 0.01% remains, and open interest of 99,059 contracts is still hanging in the order book. Neither side dares to add size, and no one wants to pay to hold a position.
At first glance I thought I had misread it, and only believed it after checking twice.
To use a rough analogy for the chips, it is like a big pot on the table: there is only so much food in the pot, and whoever is closest to it serves first, while those farther away can only watch.
Right now it is not that there is not enough food, but that no one is willing to bring it to the table.
A sideways market under this kind of volume, I tend to interpret as weak hands being washed out, price levels being attacked but not the underlying logic, and the sector is still intact.
So should we reduce attention? My answer is to keep watching for now, and do not rush to define the market's direction.
What do you all think about this pot? Let’s chat in the comments.
$ETH $SOL
#比特币 #以太坊 #cryptocurrency
The above is a personal trading system record and data observation, and does not constitute investment advice
