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Market Analysis on July 16, 2024 & Did the German government sell all BTC?
Hello everyone, I am Fan Brother from the crypto world. Today, I will analyze the market trend for everyone! Before analyzing the trend, let me first talk about some Favourable Information: In the past few days, the German government sold over 50,000 BTC in the account, which means that some selling pressure has been reduced, while ETF institutions have been buying BTC!
I haven't analyzed the market for a long time because the recent market has been turbulent, and Fan Ge has been doing Auto-Invest during this period! Some of the funds in Auto-Invest Spot are also Tied Up. The market rebounded these days and breakeven some funds!
BTC fell all the way to around 53000U and then rebounded, also quickly rebounded after breaking through the support of 56000U mentioned by Brother Fan! Currently, BTC has rebounded to around 65000U at the highest point. From a short-term perspective, the rebound has encountered a resistance level, and there will be a pullback wave soon! It is expected that the pullback will occur around 60000, and the range between 60000-65000U is a consolidation zone.
The short term fren can sell the previously profitable funds from Auto-Invest and catch the bottom in this rebound, to free up some funds to prevent a second retest!