Analysis of the cryptocurrency market on August 7: The rise of altcoins, while BTC trading volume remains sluggish

路遥Crypto · 2023-08-07T06:50:57.000Z

Hello everyone, as of the time of posting, the BTC price is around 29050. After a week of fluctuations, BTC is still oscillating in the range of 29,500-29,000. It is obvious that the market still lacks liquidity. However, some copycats have taken different directions. Obviously, like the previous ARPA, high control makes all your research and analysis of the market seem useless. In terms of news, there hasn’t been much news recently that can stimulate the market. This weekend, the SEC will conduct the final review of the BTC spot ETF applications of Ark and 21 Shares. Whether it is passed or not, the results will be announced at the end of this week. This news may also become one of the news that affects the market. Then there is the lawsuit between the SEC and CB. At present, no news has leaked out. It is more likely that this lawsuit will eventually evolve into some kind of exchange of interests.

Hello everyone, as of the time of posting, BTC is quoted at around 29050. After a week of fluctuations, BTC is still fluctuating in the range of 29500-29000. It is obvious that the market still lacks liquidity. However, some altcoins are showing different directions. It is obvious that just like ARPA before, the high control makes all your research and analysis of the market seem useless.
From the news perspective, there is not much news that can stimulate the market recently. This weekend, the SEC will conduct the final review of the BTC spot ETF applications of Ark and 21 Stocks. Whether it is passed or not, the result will be announced this weekend. This news may also become one of the news that affects the market. Then there is the lawsuit between the SEC and CB. There is no news leaked at present. This lawsuit is more likely to evolve into some kind of exchange of interests.
From a macroeconomic perspective, the US economy is optimistic, and people believe that the US economy is not only in a slow decline, but also that the US economy is recovering. However, although the institutions are optimistic, the data is not optimistic. This paradox between data and views is a bit ridiculous. After the US stock market has continued to rise for a period of time, it is very likely to usher in a wave of large-scale corrections this week. The core reason is that the greenhouse superconductor was hyped up. The heat is gradually declining. It is normal to fall after the bubble is eliminated.
Trading Trends:
The overall trend remains bearish, but due to the lack of liquidity in the market, the volatility will not be large, so choose to enter the market after the rebound, and don't enter the market blindly.
Trading straregy:
Short sell at high levels, control your positions, and take the initial positions first to avoid missing out. Decide whether to add positions based on the rebound effect. With the current market trading heat, you need to pay close attention to any market trends in real time.
Spot:
According to the current market sentiment, it is still not recommended to open a position. The current rise of some altcoins is more due to market manipulation. We don’t need to gamble on this unknown. Even if the gamble succeeds, it is all based on luck, and the profits from luck will sooner or later be returned to the market in other ways. #合约锦标赛 #YGG $BTC $YGG $API3 