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BTC: weak consolidation

Fundamental analysis:

Bitcoin remains volatile around 25,830. Glassnode data shows that Bitcoin margin contracts currently account for 33% of total futures open contracts, higher than 20% in July. Cash or stablecoin margin contracts still account for 65% of total open interest.

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

Brief technical analysis:

Looking at the 4-hour chart: the short-term weak consolidation is maintained at a low level, the market's short sentiment remains, and the short-term may be entangled with low lows and a narrow range. The MACD indicator is in the short area and maintains consolidation, and the RSI indicator is hovering weakly below the 50 equilibrium line;

Resistance level: 26174 26420

Support level: 25567 26311

Trading strategy: bearish below 25937, target 25567 26311
Alternative strategy: call above 25937, target 26174 26420

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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