OKEx Research | Bitcoin continues to consolidate at high levels, and the market has not yet broken away from the wait-and-see mood

According to data from Feixiaohao, as of press time, the 24-hour currency rise and fall ratio is as shown in the figure below, with rising currencies accounting for 44.2% and falling currencies accounting for 55.2%. Market sentiment is neutral to weak. Market sentiment is a key factor in determining the short-term trend of the market and an important reference indicator for short-term operations.

Let’s take a look at the capital inflow of spot and futures. As shown in the figure below, both spot and futures showed a net outflow trend in 24 hours, which also shows that short-term sentiment is not high.

OKEx BTC/USDT Perpetual Contract:

In the early hours of today, Bitcoin once again hit a new high since January 17, but the good times did not last long, and it continued the trend of adjusting after reaching a new high. Moreover, the decline and duration this time were relatively long, but the trading volume did not change significantly (obviously increasing or shrinking). Overall, the price of the currency is still fluctuating around the high-level convergence triangle pattern, and the direction is unclear.

Although the two data at the beginning of the article show that the short-term market sentiment is weak, from a medium-term perspective, the important decline lows still have not broken the characteristics of higher lows.

OKEx ETH/USDT Perpetual Contract:

Yesterday evening at 7:00 p.m. was a historic moment for Ethereum, with its price reaching $1,442, a record high after three years. However, from the changes in trading volume in the chart, it can be seen that although the volume has increased, it has obviously shrunk compared to the previous volume level. Due to insufficient volume, the price did not continue to rise, but there was a short-term adjustment. As of now, there are signs of a temporary stop near 1,340. Although there was no obvious increase in trading volume this time, the amplitude of the high and fall back was not large, and the feature of the low point moving up was not broken.

OKEx ATOM Spot

ATOM continued to fall after reaching a historical high of around 10.2 yesterday. However, there was no increase in volume during the decline. Compared with the previous rise, the corresponding volume shrank significantly, indicating that less funds were actively sold during the decline. From the trend structure, since the low of $5, each representative adjustment low has shown a characteristic of continuous increase. From the short-term trend, the nearest low point is around 8.6, and then it is around 8.0.