On Monday, Bitcoin was under pressure and the was a serious net outflow of funds. On Tuesday, Bitcoin continued to weaken and reached a price of 38,600. The current price spread of Bitcoin during the annualization period was 9.39%, down 0.69% from the previous day. Data: At the end of July, the number of active Bitcoin addresses increased by 30%, and the market value of cryptocurrencies fell below 1% of the total market value of the global stock market, and cryptocurrency funds records an outflow of fund for the 4th week in a row. US Senator: An amendment to the taxation of cryptocurrencies will be proposed.
From technical perspective, the daily candles closed with a marubozu bearish candle and there is a strong selling pressure from the market. On H4 graph there's a risk that the previous support point 38,300 is about to be broken. Once it is broken, there is a risk of quick drop in price. Currently MA forms Death Cross on the high position, MACD accelerates downward, and the indicators show bearish signal. Overall, prioritise Sell on the high position. The chart below is showing the key point and the estimated trend, the deciding point whether to buy or sell is near 36400.
Resistance：40000-41300-42600
Support：38300-36400-34400
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