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BTC: low position moves down

Fundamental analysis:

Bitcoin remained volatile around 20249, and data from CryptoQuant showed that due to the impact of Silvergate’s liquidation on the market, the transaction volume denominated in Bitcoin fell by 35% in the past 24 hours. Meanwhile, the total number of transactions on the Bitcoin blockchain fell by 17% over the same period, and the number of active addresses dropped by 10%.

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

Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum continues to decline at a low level, the short-term decline has not stopped, the market as a whole is in a downward trend, the MACD indicator is hovering at a low level in the bearish area, and the RSI indicator is in a low position in the bearish area.

Resistance level: 20724 21040

Support level: 19985 19684

Trading strategy: bearish below 20419, target 19985 19684
Alternative strategy: call above 20419, target 20724 21040

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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