The decline in DEFI popularity may be good for BTC, and the rebound position may depend on the support strength near 10,000

According to OKEx spot, BTC is currently trading at $10,115.9 (-0.56%), while OKB is currently trading at $5.30 (1.98%).

This weekend, BTC once fell below the 10,000 yuan mark after the first rebound was blocked at 10,600. After stabilizing above 9,800, it temporarily stabilized above 10,000 US dollars. OKEx analyst Neo believes that since the trend started to fall, the trading volume has been in a state of continuous expansion, and the bottom of each decline is far lower than the previous bottom. Although the rebound on Saturday was under pressure at 10,600, the subsequent decline was only slightly lower than the bottom of 9,900 on Friday, reaching around 9,800, and the hourly selling volume also began to shrink. In addition, the range of 9,800 to 10,000 US dollars is the upper edge of the large-scale consolidation zone from April to July. The high-density chip area may provide strong support for the currency price. For many retail investors, 10,000 US dollars will also become a psychological price for bottom-fishing. Therefore, the long-short position ratio of OKEx has continued to rise after the trend fell to 10,000 yuan. Investors need to continue to pay attention to whether the trend can rebound above $10,000. If there is a rebound with large volume, it means that the hourly level has successfully broken through the triple bottom pattern. In the future, pay attention to whether the rebound can stand back to 10,500. On the contrary, if it continues to fall below 9,800 with large volume, it is likely to mean that the trend will enter a new round of consolidation in the 9,000-10,000 area, and it may be difficult to expect a big rise in the short and medium term.

ETH continued to lead the decline of mainstream currencies this weekend, with the price falling to $305 at one point, giving up all the gains since the end of July. The reason may be that ETH was sold in large quantities and exchanged for mining currencies due to the popularity of DEFI liquidity mining. At this stage, the selling volume has not yet shrunk significantly. If the trend stabilizes at 320, a rebound may be expected. The first resistance level can be around 380, otherwise there may be a small probability of falling below 300. Among DEFI projects, LINK has strong support above $9, but the selling pressure in the $12~13 area is strong. If it cannot stabilize above 12.07 in the short term, it will be difficult to rebound effectively. The first support level of SUSHI is around 2.4540, and the effective resistance level can refer to 3.1590.