EMC Labs: Mid-term adjustment may have ended, BTC rebounded at $58,400
On June 25th, EMC Labs, a cryptocurrency investment research institution, posted on social media that yesterday BTC plunged to $58,400, approaching the low point of early May but did not fall below it. It retested the lower edge of the new high adjustment box and probed the uptrend line formed since October last year. In addition, the effective increase in trading volume reflects that there is a large amount of funds in the $58,000 to $60,000 range that have undertaken the selling pressure.
According to eMerge Engine, short-term traders as a whole have entered a floating loss state, and yesterday sold 28,000 BTC at a loss of hundreds of millions of dollars. At present, the market fear and greed index has fallen to 30, entering the "fear" zone. Based on comprehensive technical indicators, support levels, and market conditions, EMC Labs judges that the mid-term adjustment of BTC has probably ended, and the market will rebound at $58,400. Under extreme panic yesterday, 9% of the top 500 coins have started to rebound, and the trend of these projects should be focused on in the future.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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