Recently, my friends asked me, "Brother Bai, why don't you update your market analysis?" To use a Sichuanese saying, "What the hell is this analysis?" With this market and this trading volume, it's better to sleep than to waste brain cells. Please do it as requested by fans.
Bitcoin price has not performed well recently and has started to decline from the $30,250 level. Currently, BTC is showing some bearish signs and may continue to fall below the support area of $29,000. Although Bitcoin price has tried to break through the $30,000 resistance level several times, it has failed. The price has once again fallen below the $29,650 and $29,500 levels, further deepening the bearish trend. The price tested the $29,100 support area and formed a recent low. Currently, the price is fluctuating around this level and there is no clear trend yet. From the hourly chart of BTC, it can be seen that the price is currently below $29,500, while a descending trend line has been formed with resistance around $29,400. The main resistance level is still around $30,000, and only if the price can steadily break through this level can it usher in a sustained rise. The key support level is $29,200, followed by $29,000.
Regarding market news, the ARK Bitcoin spot ETF application, which has attracted market attention, has been postponed, which means that the application of related institutions in September may also be affected. The market is prepared for whether the ETF will be approved or not, so this news did not cause much market fluctuation.
In addition, the Federal Reserve may consider whether to raise interest rates again based on current economic data. Although this may lead to further weakening of the US economy, the government seems to be more concerned about the performance of inflation data. In terms of the stock market, the outlook for US stocks is not optimistic. Due to rising energy prices and the decline in the popularity of the artificial intelligence field, US stocks showed a weak trend last week. However, the yield of US Treasury bonds has performed well under the stimulus of interest rate hikes, and investors may be more inclined to seek relatively stable US Treasury bonds.
In the Asian market, Japan is making steady progress in the crypto space, but South Korea faces some challenges. South Korea's relatively fragile economic situation, coupled with the volatility of the cryptocurrency market, has made it difficult for the country. Previously, South Korea attempted to boost the stock market through room temperature superconducting technology, but the capital market did not seem to respond positively to it. At the same time, as an important part of the Asian cryptocurrency market, domestic investors are relatively nervous. Some problems in real estate and funds have also affected market confidence. In this case, investors may remain cautious about the relatively calm crypto market.
