LOEx Market Research Report on July 3: BTC index will choose direction for wedge-shaped triangle collection

[Hot Tips]

1. [Marathon mined 265.6 BTC in June and now holds BTC worth about $200 million]

According to globenewswire, Marathon Digital announced that the company mined 265.6 bitcoins in June, bringing its total bitcoin holdings to 5784. Based on the fair value of Bitcoin on July 1st of approximately $34,855, the company currently holds approximately $201.6 million in Bitcoin. As of July 1, the company had mined a total of 846 bitcoins during 2021.

2. [House of Representatives Committee will hold a hearing on CBDC]

According to Jinshi news, the House of Representatives committee will hold a hearing on the central bank digital currency (CBDC).

3. [CME Bitcoin futures and options hit a record high in the second quarter]

According to U.today news, the average daily trading volume of Bitcoin futures and options provided by CME Group in the second quarter of 2021 was 26,575, a historical record. Earlier news, CME Group launched the 0.1 BTC micro-bitcoin futures contract at the end of June to exceed 1 million units at the end of June, indicating that despite large-scale market adjustments, institutional interest still exists.

[Market analysis]

Bitcoin (BTC)BTC began to rise in the afternoon yesterday, and continued to oscillate and rebound to approach 34,000 USDT in the early hours of this morning. BTC is currently trading at 33576 USDT in LOEx, a drop of 0.37% during the day.

The long-term trend of BTC is not only about the amount of funds between the long and short sides, but also about the intrinsic value of BTC, and also about the global consensus. In the past half month, BTC has dropped from $41,300 to a minimum of $28,800. On the one hand, the decline has been “remarkably reduced”, and on the other hand, the rebound has reached a maximum of half of the decline-resistance to rebound.

Therefore, defining the current BTC market as “decreasing decline” is an objective fact that has already happened. If Bitcoin presents its last fall and breaks the stalemate here, it will be a time of rapid bottoming and reversal, so waiting for the final darkness before dawn is not far away.

Operation suggestions:

Support level: the first support level is 31,000 points, the second support level is 30,000 integers;

Resistance level: the first resistance level is 36,000 points, the second resistance level is 38,000 points.

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