Morning Market Report（Dec.31）
BTC rallies slightly and then falls back.
According to data from Huobi Global, BTC made a small modest recovery last night before falling back down. From the 4-hour level K-line, the price topped the pressure of the downward trend line and the pressure of rapid decline eased. The price rallied to a high of 47908 USDT, whether it will go up needs to be watched to see if it can break this pressure level. Daily level, BTC suffered four consecutive negative, today is currently a small negative close to the star line, the upper shadow line is long, short-term pressure is still large. Daytime concern about the continuation of the down market, pay attention to the support role of 46750.
According to data from Huobi Global, ETH had a small rebound after today’s decline. Looking at the 4h line, ETH’s pattern is relatively similar to BTC’s in that both prices are rushing from the upper boundary of the parallel range to the lower boundary, but its lows are trending slightly lower, which is a sign of relative price weakness. The only support for the price at the moment is 3580. From a daily perspective, ETH is also in a triple negative streak, showing a small negative line today. If the price breaks below 3580 again, the downtrend can be confirmed.
In terms of contracts, the data of Huobi Futures showed that the BTC contract’s open interest remains unchanged, while the contract volume declines slightly, and the contract market is relatively inactive. The basis of delivery contracts is basically stable.
The ETH contract holdings remains unchanged, and the contract trading volume declines slightly, and the contract market is relatively inactive. The basis of the delivery contract is basically stable.
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