Analysis: short-term sentiment is released, short-term bulls may return to dominate

At 8:00 on November 9th, Beijing time, the ChaiNext 100 index, which reflects the overall trend of the cryptocurrency market, was reported at 789.32 points. It fell 4.61% in the past 24 hours, with a turnover of 50.568 billion US dollars. The turnover increased by 2.90% compared with the previous 24 hours. 9 rises and 91 declines; ChaiNext 5, which reflects the performance of the blue-chip cryptocurrency, reported 692.10 points, down 4.58% in the past 24 hours, turnover was 41.445 billion US dollars, and turnover increased by 3.52% compared with the previous 24 hours; Bitcoin bubble index ( The BBI index is 83.47 points, down 1.90% in the past 24 hours; the USDT OTC Index is 100.05 points, down 0.09% in the past 24 hours. Bitcoin ushered in a wave of short-selling sentiment yesterday, and it was supported by 8700 after sliding down $9000. Most of the other major currencies fell slightly less yesterday, the overall linkage is the main, the rotation is not significant, and there is no obvious independent market. At present, Bitcoin and many mainstream currencies are in a state of divergence from the end of the hour. This wave of decline is orderly and there is no phenomenon of a short-term price collapse. Therefore, we believe that the market bearish sentiment has been properly released, and the short-term bulls may return to dominance. It is necessary to observe whether 9000 constitutes an effective resistance to the next wave of rebound.