Recently, my body has been in recovery mode, so I've been a bit drowsy. When I woke up, I found that $BTC had dropped to around $116,500. It was around 9 AM, and I noticed that the downward trend started around 7 AM Beijing time, intensified at 8 AM, and continued to decline until it stabilized around 11 AM, at about $115,000. It has been fluctuating around $115,000 ever since.
I guess everyone wants to know if there was any negative news that caused the drop. After getting up, I carefully reviewed the news in both Chinese and English, and at least I didn't see any obvious negative information. Whether in the Chinese market or the English market, the main discussions were about two things:
What clothes Zelensky wore when he met Trump.
What statements Powell will make at the Jackson Hole annual meeting.
Although Bitcoin and $ETH dropped by 2% and 4.7% respectively, the average decline of the three major U.S. stock index futures was only 0.12%. This indicates that there are no significant issues in the U.S., and the stock market remains very stable. After all, the U.S. stock market and BTC are still highly correlated, so this drop is likely an adjustment in the cryptocurrency market due to weak liquidity.
I can't guarantee that everything is fine or that there will definitely be a rise, but I am still holding onto my long positions and even added a bit to my position. I don't know how the market will move next, but my position is here, so I'll just watch as it goes.
PS: I regret not closing my positions over the weekend. I was indeed careless this time. I mentioned during the weekend work that normally, closing positions over the weekend is the safest, as you never know what might happen on Monday. But since I've held on until now, I might as well continue to hold.
This article is sponsored by #Bitget ｜ @Bitget_zh
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