The digital currency market began a short-term rebound

In the rally from September 18 to the present, the total market value of the entire digital currency market increased by $34 billion. After a large-scale short-term rebound, the entire digital money market began a short-term retracement on the 24th, and a 3% to 5% retracement generally occurred in all major digital currencies in the market.

Although Bitcoin’s retracement is less than 1%, retracements such as EHT and EOS are between 3% and 5%, while mainstream digital currencies such as XRP coin, IOTA and XLM, which performed better in the previous period, both fell more than 6. %.

As of September 23, Bitcoin coin average daily trading volume was still above $5.3 billion, but it immediately fell back to less than $4 billion yesterday. The total transaction volume of XRP also shrank to a maximum of $800 million in the $2 billion agglomeration.

The Market Small callback

At a macro level, Bitcoin showed good stability throughout September, showing significant resilience even during a small decline. Although Ripple and Ethereum price have risen by 30% to 110% in the past seven days, the decline of the two digital currencies in August is extremely huge. The serious oversold is also the main reason for their quick recovery.

Based on last week’s mainstream digital currency and small market capitalization, there has been a huge rise in the market. Many professional digital currency traders have raised their psychological valuation expectations for the digital currency market. They believe that the second round of rally is not over yet.

Since ripple has skyrocketed more than three times last week, a certain degree of correction in recent days is completely predictable by the market. A short-term easing is also a necessary condition for re-cleaning profit-taking and rising again.

However, it is worth noting that the recent daily turnover of Bitcoin is still not enough to drive a big rebound. In the past 24 hours, if the market wants to achieve a certain degree of breakthrough, the daily turnover of Bitcoin must exceed 4 billion US dollars. Bring enough power to the market.

$6,800 is still the key

The important pressure on Bitcoin remains at $6,800 and $7,200. Although the previous trading day produced a certain callback, bitcoin pricesremained stable at more than $6,600. As stated yesterday, $6,600 is still an important springboard for an upward breakout.

In the next 24 hours, if the daily turnover of Bitcoin can recover to more than $4 billion and break through the big rebound of the $6,800 resistance in a short period of time, Bitcoin is likely to drive the entire digital currency market to a round. Great rebound.