Source: Shallot Blockchain
As the end of the year approaches, there is fierce competition between the long and short in the crypto market.
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Starting at 9:20 last night, bitcoin rose sharply in the short-term, rising nearly 600 US dollars in 5 minutes, and then finishing around 7400 US dollars to 7600.
However, around 4:50 in the morning, Bitcoin dropped sharply, once hitting $ 7,100, and basically gave up all the gains last night. As of now, Bitcoin has been oscillating around $ 7,200.
The short-term soaring and plunging of Bitcoin has also triggered the rise and fall of other currencies. As of now, ETH is quoted at $ 145, down 0.8% in 24 hours. XRP is temporarily quoted at $ 0.2137, down 2.60% in 24 hours.
In addition, according to Coin Coin data, in the past 24 hours, OKEx contracts, BitMEX contracts, and Huobi contracts had a total of 1.58 billion yuan in bitcoin and 1.44 billion yuan in bitcoin.
Among them, the amount of liquidation of OKEx contracts was the largest, approximately 720 million yuan, accounting for 45.57% of the total amount of liquidation, and the amount of liquidation of BitMEX and Huobi contracts accounted for 24.57% and 29.85%, respectively.
Many analysts and traders blamed the market surge on the surge.
Before the rise last night, there was a large USDT transfer. At 20:25 last night, 70.01 million USDTs were transferred from an unknown address to the Okex exchange. Subsequently, 14 million USDT were transferred from the starting address of TKt6zg to the Okex exchange.
Bitcoin gold analyst said: "There is no unilateral market in the manipulated market. The spot fluctuations are all for the profit of futures opening and closing. The 80 million usdt transferred to ok is estimated to be the market maker of u contracts .
According to the latest report from CoinMetrics, the number of Bitcoins in a static state has increased regularly over the past year. Data as of November 31 shows that more than 3 million BTC in the ecosystem have not moved for more than a year. The above data also emphasizes that the price trend shown during 2019 depends on less than half of Bitcoin in circulation.
This means that Bitcoin is easier to manipulate than we expected.
Fall or rise?
There are also opinions that Bitcoin's downtrend is far from over.
Adamant Capital co-founder Tuur Demeester said that before the market rebounds sharply, the price of Bitcoin may fall to $ 5,000.
Technical analyst Nebraskan Gooner said that Bitcoin is likely to plummet nearly 20% from its current level and return to a low of $ 6,000.
However, some analysts are optimistic about the market.
Bloomberg has previously stated that Bitcoin is approaching a critical inflection point and its price is approaching the lower limit of the Trading Envelope indicator. The indicator smoothes the moving average to show higher and lower intervals. After falling below the lower interval, a retracement similar to that on September 24 may occur, when Bitcoin dropped 12% in one day. . Another scenario is that if Bitcoin rebounds from the lower limit, it may signal a level of support and a similar rally as on October 25, when Bitcoin rose by 15%.
In response to this sharp rise and fall, EWN analysts pointed out that despite the sharp drop in Bitcoin this morning, as of now, Bitcoin has fallen less than 1% in 24 hours and is still above $ 7,000. Bitcoin rebounded strongly from a low point last night, suggesting that the bulls still have potential strength. In addition, Bitcoin rose to $ 7,800 last night, which means that 7800 is the recent resistance level.
Quantitative analyst Riggs pointed out that Bitcoin is forming a technical pattern that can only be seen before the emergence of a large bull market and is currently one of the three best buying opportunities in Bitcoin history.
Analyst Omkar Godbole said that BTC's 50- and 100-week moving averages (MAs) look set to generate a bullish crossover next week. In the last week of May 2016, the 50-week moving average moved above the 100-week moving average, after which the cryptocurrency gained a strong buyout near $ 430 and reached a record high of about $ 20,000 in December 2017.