Morning Market Report（Jan.24）
BTC has seen a short-term uptrend after a small rebound following a rapid decline.
According to data from Huobi Global, BTC first continued its rapid decline over the weekend, reaching a low of 34,000 USDT, before recovering slightly. Looking at the 4H level K-line, BTC has been on a rapid dip since Friday, and now the price has fallen well below the long-term trend line, with continued long-term price pressure. Looking at yesterday’s and this morning’s K-line, the price has a short-term uptrend and the early morning K-line formed a bullish engulfing, which is a natural rebound after a rapid decline. If the price can get support above 35,000, the price can stabilize relatively quickly. At the daily level, the decline in recent days has been unusually harsh, with a 2-day drop of more than 20%, which is rare in even the current bull market. Although the last two days BTC appeared two consecutive positive, in front of the huge decline is still not enough to mention the long-term downtrend is the dominant force. Focus on the continuation status of the upward market during the day and examine whether the short-term uptrend can be sustained.
According to data from Huobi Global, the price of ETH plummeted over the weekend, and so far there has been no rebound trend. From the 4h line, the Bollinger Band opened wide, the K line gradually recovered from the lower track of the Bollinger Band to the middle track, and all trend indicators returned to the normal range. From the daily point of view, the k-line crosses the lower track of the Bollinger Band, and the short-term momentum is strengthened. It is expected that the slight downward trend will continue.
In terms of contracts, the data of Huobi Futures shows that the open interest of BTC contracts remains unchanged, the contract trading volume drops, and the contract market is relatively inactive. The basis point of contracts is stable.
The open interest of ETH contracts fell, the contract trading volume declined, and the contract market was relatively inactive. The contract basis point remains unchanged.
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