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BTC: weak consolidation
2023-08-27
813
Fundamental analysis:
Bitcoin remained volatile around 26030. According to the Arkham mark, the address of the third largest Bitcoin holder (bc1ql49ydapnjafl5t2cp9zqpjwe6pdgmxy98859v2) is the hosting address of the Robinhood platform controlled by the market maker JumpTrading. Over the past three months, a total of 118,300.2 BTCs have been transferred (approximately $3.08 billion).
Bitcoin BTCUSD - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: In the short term, the short-term maintenance is low and weak. Although the market’s bearish sentiment has weakened, it is still in a bearish trend.
Resistance level: 26433 26709
Support level: 25756 25530
Trading strategy: bearish below 26166, target 25756 25530
Alternative strategy: call above 26166, target 26433 26709
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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