BTC has recently experienced significant fluctuations, dropping to 59,130 USDT in the early morning of June 8, and then quickly rebounding to retake the 60,000 mark, with the market entering a tug-of-war phase between bulls and bears in the short term.
On-chain funds have begun to show clear signs of movement.
BitMine related addresses once again purchased 25,000 ETH from Kraken about 6 hours ago, valued at approximately 42.03 million US dollars, continuing to add positions in the short term.
Meanwhile, on the morning of June 9, Binance saw a major market sell order of 170.82 BTC, valued at about 10.7 million US dollars, executed at a price of around 62,500 USDT. Although there is still selling pressure above, BTC was quickly pulled back after dropping below 60,000, indicating that capital is beginning to support at lower levels.
The current fear and greed index (FGI) has dropped to 10, placing the market in the "extreme fear" range. Historically, this area often means significant volatility and intensifying divergence between bulls and bears.
From a technical perspective, we are still in a recovery phase after a sharp decline, and the overall trend has not yet completely strengthened.
The biggest opportunity to turn things around this year is right in front of us: wait for this round of the bear market to form a solid bottom, decisively increase positions in Bitcoin and Ethereum, and this market wave is worth going all out for. What does everyone think?
Returning to the chart, the daily level price rebounded to the Fibonacci 0.786 position, which is the strong resistance area around 64,500, and it will be difficult to break through in the short term. Looking at the four-hour chart, the bullish volume has clearly depleted, currently, institutions and large players are taking the opportunity to offload, with retail investors picking up the tabs, and any subsequent increase has no momentum.
Simply put, this round of rebound has reached its peak. Now is the time to short Bitcoin, enter the first position! For any subsequent rebound opportunities, continue to short in the prevailing trend without hesitation.
The peak of this round of rebound was set at 64,250, and the market has returned to the downward channel, which will next test the 60,000 level again. The first target is 60,000, followed by a drop to the 55,000-58,000 range, while the ultimate target for this adjustment is expected to be 42,000-45,000.
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Warm reminder: All market trend predictions in this article are just personal insights shared, and should not be considered investment guidance. The cryptocurrency market changes rapidly and carries high risks; everyone must manage risks, operate rationally, and bear their own profits and losses.
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