Bitcoin Reclaims $60,000, Ending with Volatility? Don't Be Fooled by Appearances, Bulls Are Quietly Rising!Bitcoin closed above the $60,000 mark this morning, once again claiming this critical price level. Looking back at the recent trend, while Bitcoin experienced a period of consolidation below $60,000, I have always believed that this low-level consolidation wouldn't last long
Bitcoin Reclaims $60,000, Ending with Volatility? Don't Be Fooled by Appearances, Bulls Are Quietly Rising!
Bitcoin closed above the $60,000 mark this morning, once again claiming this critical price level. Looking back at the recent trend, while Bitcoin experienced a period of consolidation below $60,000, I have always believed that this low-level consolidation wouldn't last long. The reason is simple: Bitcoin miners have a stable cost of $5-5.5 million. They would never tolerate prices staying below their cost line for long, which would severely threaten their profitability. A brief dip is understandable, but prolonged stagnation would make miners uneasy.
Many traders are cautious about the current market situation, believing the rally is simply a prelude to a deeper decline. Short-term traders are particularly active, constantly monitoring the market in search of a few points in profit, considering exiting at the slightest rebound. From a technical perspective, each recent rally has come in slightly below the previous high, leading many investors to conclude that the downtrend is continuing, characterized by "lower highs and lower lows."
However, I disagree with this view. While each decline has indeed been slightly lower than the previous low, the decline in magnitude has been very small, indicating that the bearish forces are not strong. This is not the characteristic of a true downtrend, but rather a deliberate manipulation by the market makers, leading people to believe they've found a pattern, thus falling into a dangerous trap.
Since the drop on August 5th, while the rebound hasn't broken through previous highs, the decline from August 24th to September 5th hasn't dropped below the previous low, indicating that bullish forces are gradually strengthening. The narrowing of volatility is a sign that the consolidation zone is about to change direction.
All data in September has been favorable for the cryptocurrency market, and the market has responded accordingly. This September is destined to be different from any other. In terms of the 3-day moving average, once it breaks through $65,000, the trend of the entire consolidation zone will change significantly. Currently, the market is moving toward breaking through $65,000, and it is expected to be achieved soon.
While the bearish trend has not yet changed, there is no need to worry too much. The Mid-Autumn Festival is approaching, and I wish everyone a happy holiday!
The above analysis represents only personal opinions and does not constitute any investment advice. If you find this article helpful, please like and follow!
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