Market Overview and BTC Price Analysis Short-term (07/12)

BTC Technical Analysis

Yesterday’s plan to Short BTC at 17100 took profit. BTC has broken 16800 support, the price has reached the 16600 support area. However, this area is difficult to hold. A move towards deeper support is likely at 16300.

Short-term retracement Short in the 16800 – 16900 zone and take profit in the 16300 -16400 zone or deeper!

Market Overview

Following market movements in recent days, it can be seen that Bitcoin in particular and the virtual currency market in general are “bogged down” by a series of bad news. Since the FTX crisis, investors have less and less prioritized storing assets on exchanges. Among investors who own one Bitcoin or more, the majority prefer to withdraw to their personal storage and wallet consolidation.

Individual investors are also increasingly afraid of the news that many large organizations and enterprises have to suffer heavy losses whenever there is an incident in the cryptocurrency market. Most investors fear spillover effects from the collapse of the FTX exchange. There are growing doubts surrounding the health of companies in the crypto industry like Genesis and BlockFi. The sell-off caused some companies to stop trading and even prepare to file for bankruptcy.

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