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Bitcoin has once again tested the resistance level at 58000 points. Is 58000 points the low point of this round of decline? I think this downward cycle is not over yet. The reasons are as follows:
1. The Federal Reserve is likely to raise interest rates once this year, and global liquidity is likely to tighten again.
2. The Japanese yen continues to depreciate and is currently about to break through a new high, increasing the probability of Japan raising interest rates significantly.
3 US technology stocks have surged significantly, coupled with SPCX and super IPO listings, continuously extracting market liquidity.
4 major cryptocurrency exchanges continue to list US stock tokens and futures tokens, further draining cryptocurrency liquidity.
In summary, the fundamentals of Bitcoin are still in a weak stage and it is difficult to have a major reversal in the short term. I believe that BTC is likely to continue to explore the important resistance level of 50000 points downwards. The downward cycle has not yet ended, and the market is currently in a volatile cycle. Please see my live analysis on how to layout.
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Disclaimer: The above content only represents the author's personal opinion and is intended to assist investors in understanding information related to the capital market. It does not constitute any investment advice and does not represent the position or viewpoint of AiCoin. The market is risky and investments should be made with caution.
