According to BlockBeats, on March 12th, Joel Kruger of LMAX Digital believes that the current weakness in the cryptocurrency market is "more due to the selling effect after news redemption and technical overdue adjustments, rather than other factors
But of course, there are more factors at play. Due to the uncertainty of the US economic outlook, it has triggered market risk aversion.
However, Kruger still believes that Bitcoin is approaching bottom and is expected to rebound in the second quarter. In the resistance range between $69000 and $74000, Bitcoin is expected to receive strong support
Kruger previously stated that Bitcoin's "store of value" narrative may help it break free from its "misleading" correlation with traditional risk assets. （Blockworks）
BTC encountered multiple resistance pressures during the 45 minute custom cycle: Binance's main force opened short by $30.14 million, forming strong selling pressure. Subsequently, the price entered the Vegas channel and CME gap area, while the trading volume showed a stagnant trend and failed to effectively break through the level.
At present, the price is returning to the EMA52 moving average. If it falls below, it may test the support of $79650.
The data is sourced from PRO's "Custom Cycle" and is for reference only. It does not constitute any investment advice!
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In the past 24 hours, it has accumulated 2.5 million USDC deposits, with HYPE's limit orders ranging from $10.15 to $11.6.
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