Master said about the coin: On July 24, the negative impact in Mentougou continues to ferment, putting pressure on Bitcoin, which is declining

The negative impact of the bankruptcy exchange Mt. Gox's compensation continues to ferment. Following Bitstamp's receipt of a large Bitcoin transfer from Mt. Gox, Kraken has also begun distributing Bitcoin to creditors. The market is concerned that creditors will sell their Bitcoin for cash after receiving compensation, putting the cryptocurrency market under selling pressure once again.
As of the time of writing, Mt. Gox still holds 90,344 Bitcoins, worth about $6 billion. Since the creditors lost all their cryptocurrencies about ten years ago, and Bitcoin prices have been rising during this time, they are now finally reclaiming these assets, which may lead them to sell on the market, creating downward pressure on prices.
Bitcoin has consecutively fallen below the $67,000 and $66,000 levels since last night, and as of the time of writing, it is hovering around $66,244, down nearly 2.7% in the last 24 hours. Benefiting from the strong trading volume of the Ethereum spot ETF on its first day of trading in the U.S., Ethereum's decline today is relatively mild, currently holding above $3,400, with a daily drop of about 1%.
Bitcoin 4-hour chart

First, according to the Bollinger Bands indicator on the Bitcoin 4H chart, the current price is moving from the lower band towards the middle band, indicating that the market has some upward momentum. The Bollinger Bands are slightly widening, suggesting greater volatility in the market ahead.
Second, based on the KDJ indicator on the Bitcoin 4H chart, the K and D values are currently below 50, and there are signs that the K value is about to break above the D value, forming a golden cross. Once this breakout occurs, the price is expected to rebound in the short term.
Finally, according to the MACD indicator on the Bitcoin 4H chart, the DIF and DEA lines are below the zero axis, and the DIF line is showing a trend to break above the DEA line, forming a golden cross. Once this golden cross forms, the market will shift from weak to strong. The MACD green histogram is gradually shortening, indicating that bearish strength is weakening, and bullish strength may be accumulating.
Bitcoin 1-hour chart

First, according to the Bollinger Bands indicator on the Bitcoin 1H chart, the current price is close to the upper band, indicating that the market is in a strong upward trend. However, the upper band is starting to flatten, suggesting that the upward momentum may be weakening in the short term. If the price can effectively break through the upper band, it will rise further; if it cannot break through, the price may consolidate or pull back near the upper band.
Second, based on the KDJ indicator on the Bitcoin 1H chart, the K and D values are currently above 80, with the D value higher than the K value, indicating that the market has entered the overbought zone, with a possibility of a pullback at any time.
Finally, according to the MACD indicator on the Bitcoin 1H chart, the DIF and DEA lines are below the zero axis, but the DIF line is crossing above the DEA line, forming a golden cross. This indicates that there is a possibility of a price increase in the short term. The MACD red histogram shows gradual growth, indicating that Bitcoin's price is likely to rise further in the short term.
In summary, based on the Bitcoin 4H chart, both the KDJ and MACD indicators suggest that the market has the potential for a rebound, but the strength and duration of the rebound need further observation. The Bollinger Bands indicate that the price is fluctuating between the upper and middle bands, suggesting that the overall market is still strong, but there is a risk of adjustment in the short term. According to the Bitcoin 1H chart, the KDJ indicator shows that the market is in an overbought state, but the MACD indicator indicates that the market may have rebound momentum. The upper band of the Bollinger Bands is a key resistance level; if the price can break through this resistance, it may continue to rise. If the price fails to break through the upper band of the Bollinger Bands, and the K and D lines of the KDJ indicator form a death cross, there may be a risk of a pullback.
In conclusion, I offer the following suggestions for reference:
Short Bitcoin lightly near $67,000, add to the short position at $67,400, with a target of $65,000 and a stop loss at $68,000.
Instead of giving you a 100% accurate suggestion, I prefer to provide you with the right mindset and trend. After all, teaching someone to fish is better than giving them fish; a suggestion may earn you a moment, but learning the mindset can earn you a lifetime! Focus on the mindset, grasping the trend, and planning your positions. What I can do is use my practical experience to help you, guiding your investment decisions and management in the right direction.
Time of writing: (2024-07-24, 16:30)
(Written by - Master Coin)