btc: possibility of a callback, but the space is limited
Although the dollar rebounded only slightly last week, and market risk appetite did not deteriorate significantly, BTC suffered a sharp drop, completely taking back the previous week's gains.Technically, Bitcoin will test the support of the 26800-27200 band, and if it loses, it will face further downside risks.
U.S. regulation may be the main reason for the sharp drop in BTC
The overall financial market environment last week did not appear to be very unfavorable forBTC, because on the one hand, although the dollar rebounded, the intensity and magnitude were very moderate.Secondly, risk appetite is basically stable, and the US stock index is basically flat.Therefore, the sharp decline in BTC.last week may be mainly due to the crypto market's concerns about US regulation.
Secondly, U.S. Treasury Secretary Yellen announced a proposal by the U.S. FSOC, which mentioned “stricter scrutiny of non-bank financial companies”, which is considered to refer to the cryptocurrency sector.
BTClast week, under the stable environment of the traditional financial market, reacted significantly to the bearishness of U.S. regulation.As a typical speculative asset, this reaction is not surprising. After all, Bitcoin's rebound since the beginning of the year was once close to 90%. The downward pressure caused by the settlement is inevitable, and the possibility of further profit-taking cannot be ruled out.
The pullback seen last week has been confirmed. At present, Bitcoin still has a certain risk of pullback, but bullish friends don't have to worry too much. The downside space is relatively limited. Be cautious in operation and keep tracking. You can easily get accurate operation recommendations.
I am also very happy to answer your questions in this regard, and you can enter the discussion if you have any questions.
You can click on the link below to discuss
U.S. regulation may be the main reason for the sharp drop in BTC
The overall financial market environment last week did not appear to be very unfavorable forBTC, because on the one hand, although the dollar rebounded, the intensity and magnitude were very moderate.Secondly, risk appetite is basically stable, and the US stock index is basically flat.Therefore, the sharp decline in BTC.last week may be mainly due to the crypto market's concerns about US regulation.
Secondly, U.S. Treasury Secretary Yellen announced a proposal by the U.S. FSOC, which mentioned “stricter scrutiny of non-bank financial companies”, which is considered to refer to the cryptocurrency sector.
BTClast week, under the stable environment of the traditional financial market, reacted significantly to the bearishness of U.S. regulation.As a typical speculative asset, this reaction is not surprising. After all, Bitcoin's rebound since the beginning of the year was once close to 90%. The downward pressure caused by the settlement is inevitable, and the possibility of further profit-taking cannot be ruled out.
The pullback seen last week has been confirmed. At present, Bitcoin still has a certain risk of pullback, but bullish friends don't have to worry too much. The downside space is relatively limited. Be cautious in operation and keep tracking. You can easily get accurate operation recommendations.
I am also very happy to answer your questions in this regard, and you can enter the discussion if you have any questions.
You can click on the link below to discuss
Comment:
Normal fluctuation
