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BTC: Bears to the downside

Fundamental analysis:

Bitcoin maintains a fluctuation around 25631. The amount of financing in the crypto market in August 2023 was US$662 million, a decrease of 57% from August 2022 (US$1.540 billion) and an increase of 20% from July 2023 (US$549 million). In addition, the number of financings in August was 73, a year-on-year decrease of 45%.

Bitcoin BTCUSD - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum continues to fluctuate downwards, the short-term decline continues, the market is shrouded in short sentiment, the MACD indicator is in the short area and continues to decline, and the RSI indicator is weakly consolidating below the 50 equilibrium line;

Resistance level: 26067 26342

Support level: 25369 25125

Trading strategy: bearish below 25793, target 25369 25125
Alternative strategy: call above 25793, target26067  26342

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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