LOEx Market Research Report on June 30: BTC rebounded to $36000 in three days and then fell back

[Hot Tips]

1. [Flyover Capital Plan to apply for ETH ETF]

Skybridge Capital plans to launch a private ETH fund and apply for an ETH ETF.

2. [Institutional investors are losing interest in Bitcoin]

According to news from Decrypt on June 30, Glassnode, a blockchain analysis company, released a report stating that institutional investors are losing interest in Bitcoin. Glassnode stated that the current trading price of Grayscale Bitcoin Trust (GBTC) continues to be lower than its net asset value (NAV), which means that it is cheaper to buy shares of Grayscale Bitcoin Trust now than to buy Bitcoin itself. The total net flow of Bitcoin ETFs of Purpose and 3iQ has also been reduced, with 8,037 BTC outflowing products last month. In addition, the currency balance of Coinbase, the largest cryptocurrency exchange in the United States, remains stagnant. It can be seen from this that institutional demand still seems to be somewhat sluggish.

3. [Spain considers replacing the euro with a national digital currency]

According to CoinDesk’s news on June 30, Spain’s governing political body, the Spanish Socialist Party (PSOE), proposed to create a national digital currency to replace the euro.

[Market analysis]

Bitcoin (BTC)BTC continued to rise in the early hours of this morning, breaking through 36500 USDT during the intraday session, and then oscillated and fell back. BTC is currently trading at 35750 USDT on LOEx Global, a drop of 1.57% during the day.

Mainstream currencies and altcoins resonate, mainstream currencies are steadily rising, altcoins are popular, and the money-making effect begins. Continue to rebound, because the previous decline was too large, the decline was too deep. The currency circle’s vitality is badly damaged, and it cannot be solved by a rebound in a few days. At the very least, we must go well on the weekly line.

Ethereum is stronger than Bitcoin, but the early decline of Ethereum is much greater than that of Bitcoin, so it is hard to say that it reverses and leads the rise. But I confirmed my previous expectation that Ethereum is better than BTC in the market outlook. Now the market has rebounded and we only look at it in the short-term. If it can’t reach $40,000, it’s hard to say that the market will turn for the better. This is not a position to open a position, just a short-term play. Fast in and fast out.

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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