News

Jinse Finance reported that bitcoin continued to decline on Tuesday, extending its downward trend in October. A stronger US dollar and turmoil in the decentralized finance sector further weighed on the performance of the largest digital asset. Bitcoin fell as much as 2.5% today to $104,200 per coin, marking its lowest level in more than two weeks. Ethereum dropped 3.4%, falling below $3,500. This decline comes after a historic sell-off three weeks ago, when leveraged positions in the crypto market were liquidated, resulting in losses of several billions of dollars. Since then, investors have clearly remained cautious about bitcoin's ability to rebound. Market maker Keyrock stated that traders are "still reluctant to return to large-scale positions." The total open interest in bitcoin perpetual futures is currently about $68 billion, down approximately 30% from the October peak. According to CoinGlass data, in just the past 24 hours, broad-based selling pressure in the crypto market has led to the liquidation of about $1.2 billion in long positions. Meanwhile, investors have withdrawn more than $1.8 billion from spot bitcoin and ethereum ETFs over the past four trading days. (Golden Ten Data)

ChainCatcher news, Matrixport released its daily chart analysis stating, "There is no absolutely effective trading rule when investing in bitcoin, but many market participants focus on one key indicator: the 21-week moving average. As we have mentioned multiple times in our weekly 'Matrix on Target' reports, the 21-week moving average has repeatedly demonstrated its reference value across multiple cycles in the past. Investors who keep an eye on this indicator often find it easier to reassess their positions and risks when volatility intensifies. The current trend does not rule out the possibility of further downside, but it is not enough to conclude that the bitcoin market has ended. Rather, it serves as a reminder: instead of being completely swayed by short-term noise, it is better to refer to a few simple, time-tested reference points as relatively stable benchmarks for decision-making."