On Monday Bitcoin repeatedly moved upwards, hitting a short-term high of 40,500 and then quickly vomiting all the increase for the day. The current price of Bitcoin is 36,500. At present, the whole Bitcoin network computing power is 100.39 EH/s, the 24-hour transaction rate is 2.76 transactions/sec, and the current network difficulty is 13.67 T. Tesla Q2 financial report: Bitcoin-related assets are impaired by 23 million US dollars, and the current holdings of Bitcoin are worth 1.3 billion US dollars.
From technical perspective, Bitcoin's daily candle is rapidly rising and falling, and it is a typical pull-up and sell-off, which is not sustainable in a short period of time. H4 showed that Bitcoin is at the top position, and there is a high probability that it will fall back to the starting point of the upward movement. The indicators are bullish, but the RSI shows signs of turning heads. The chart below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 36600.
Resistance：37800-39700-40500
Support：35500-34400-30000
This material is from Quant Tech Limited and is being posted with permission from Quant Tech Limited. The views expressed in this material are solely those of the author and/or Quant Tech Limited and BTCDana is not endorsing or recommending any investment or trading discussed in the material. Before acting on this material, you should consider whether it is suitable for your circumstances and as necessary, seek professional advice