Bitcoin bounces back to $62,000! Inventory of institutions and experts’ analysis of the cryptocurrency market outlook

The cryptocurrency market has continued to be weak recently, and Bitcoin even fell below the US$60,000 mark yesterday (25th), hitting US$58,402. Although Bitcoin has rebounded from its decline at the time of writing, hitting a maximum of $62,422 at 3 a.m. today (26th), investors are still wary of the future of BTC. The following is a quick summary of the current analytical views of various institutions and experts to see how they judge.

10XResearch: Bitcoinhas been seriously oversold

In view of the current decline of Bitcoin, the cryptocurrency research institution 10XResearch pointed out in a research report yesterday (25th) that there are indeed many factors leading to the market decline. , including:

• Cryptocurrency exchange Mt.Gox announced that it will start repaying creditors in early July, so the market may face selling pressure of tens of thousands of Bitcoins
• The German government may sell its confiscated bits Coin , with a total value reaching nearly $3 billion
• BitcoinSelling by miners
• BitcoinETF outflows
• BitcoinProfit-taking on OG

However, 10XResearch said that Bitcoin The currency is currently in a severely oversold stage, and the market's greed and fear index has almost reached its lowest level. Therefore, currently Bitcoin may be at a relative price low, and perhaps after further decline, Bitcoin Will usher in a rebound:

Many structural factors have led to the continued decline of Bitcoin, but Bitcoin may rebound after further declines. After some altcoins experienced fluctuations, many KOLs are suggesting that it should Buy the dip.

CryptoQuant: The market may experience a V-shaped rebound

CryptoQuant analyst Mignolet said that based on the UTXO profitability percentage of Bitcoin during the consolidation phase last year, although Bitcoin is currently in the consolidation phase, the UTXO profitability percentage Clearly off the lows. Therefore, the Bitcoin whale may react to the panic in the market, which also indicates that the market may have a V-shaped rebound.

Matrixport: The Bitcoin greed and fear index may have reached extremely low levels. Matrixport also pointed out yesterday that the Bitcoin greed and fear index may have reached the bottom level, which also indicates that the market may bottom out. : As long as Bitcoin remains in a bull market, this indicator will tend to rebound from current levels. Even though the moving average of this indicator is still falling, we would also like to see it turn up before buying.

Bitfinex: Short-term market sentimentstillmainly bearish

Although many analysts have judged that the current market may have been at the bottom, the cryptocurrency exchange Bitfinex stated in its latest weekly report that the U.S. Bitcoin spot ETF Net outflows continued last week, amounting to more than $540 million, indicating that vulnerable ETF investors are reacting to negative news in the market. Separately, open interest in Bitcoin futures on CME and other trading platforms also dropped significantly, indicating that arbitrage trades related to ETF flows also decreased significantly. To sum up, the market sentiment seems to

continue

to be mainly bearish: the decrease in Bitcoin holdings is consistent with the negative funding rates of many exchanges in the past week, and is also consistent with the net outflow of ETFs. This indicates a significant reduction in arbitrage trades related to ETF flows. Market sentiment remains predominantly bearish, as Bitcoin’s trend remains weak on short time periods.

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