The price of Bitcoin rebounded to $62,000 this morning, but it remains to be seen if it has hit the bottom and is rebounding. This article summarizes the analysis and opinions of institutions and experts to help readers judge the future development of cryptocurrency.
10X Research: Bitcoin is severely oversold
CryptoQuant: The market may experience a V-shaped rebound
Matrixport: Bitcoin’s greed and fear index may have reached a low point
Bitfinex: Short-term market sentiment is still bearish
In recent days, the cryptocurrency market has been weak, with Bitcoin briefly falling below $60,000 on the 25th, hitting a low of $58,402. Although Bitcoin has rebounded slightly as of the time of writing, reaching a high of $62,422 at 3 a.m. on the 26th, investors are still cautious about BTC’s future.
The following article quickly summarizes the current analysis and opinions of various institutions and experts to see how they are making their judgments.
10X Research: Bitcoin is severely oversold
In response to Bitcoin’s current downturn, the cryptocurrency research institution 10X Research pointed out in a research report yesterday (25th) that there are many factors contributing to the market’s decline, including:
– Cryptocurrency exchange Mt.Gox announced that it will begin repaying creditors in early July, potentially leading to the dumping of tens of thousands of Bitcoins.
– The German government may sell the confiscated Bitcoins, totaling nearly $3 billion.
– Bitcoin miners selling off their holdings.
– Outflows from Bitcoin ETFs.
– Profit-taking by Bitcoin OGs.
However, 10X Research stated that Bitcoin is currently in a severely oversold stage, and the market’s greed and fear index has almost reached its lowest level. Therefore, Bitcoin may be at a relatively low price point at the moment, and after further decline, it may experience a rebound.
CryptoQuant: The market may experience a V-shaped rebound
CryptoQuant analyst Mignolet stated that based on the UTXO profit percentage during Bitcoin’s consolidation phase last year, although Bitcoin is currently in a consolidation phase, the UTXO profit percentage has clearly deviated from its low point. Therefore, Bitcoin whales may react to the market’s panic sentiment, indicating a possible V-shaped rebound.
Matrixport: Bitcoin’s greed and fear index may have reached a low point
Matrixport also pointed out yesterday that Bitcoin’s greed and fear index may have reached its lowest level, indicating a possible bottoming out and rebound for the market.
Bitfinex: Short-term market sentiment is still bearish
Although many analysts believe that the market may have bottomed out, the cryptocurrency exchange Bitfinex stated in its latest weekly report that the US Bitcoin spot ETF continued to experience net outflows last week, exceeding $540 million, indicating that bearish ETF investors are reacting to negative news in the market.
Furthermore, the open interest of Bitcoin futures contracts on the CME and other trading platforms has also decreased significantly, indicating a substantial reduction in arbitrage trading related to ETF fund flows.
Overall, the market sentiment still appears to be bearish:
– The decrease in Bitcoin holdings is consistent with the negative funding rates on multiple exchanges over the past week, as well as the net outflows from ETFs, indicating a significant reduction in arbitrage trading related to ETF fund flows.
– Market sentiment continues to be bearish, as Bitcoin’s short-term trend remains weak.
