Cointelegragh: The trend of US stocks and Grayscale’s increase in holdings are important factors affecting the short-term trend of BTC!

The trend of Bitcoin is still highly correlated with the U.S. stock market.

Market Analysis

Yesterday was a very quiet day for the cryptocurrency market. Bitcoin rebounded slightly between $9,000 and $9,200, with moderate volume. The overall pattern is still at the end of the convergence triangle and in the process of building a downward track, and it is still in a dilemma of going up or down. As long as the volume cannot reach $9,300 today, it will still be a bearish trend.

Data source: Tradingview

Yesterday, the US stock market closed slightly higher, with the Nasdaq up 1.20%, the Dow up 2.32%, and the S&P up 1.47%. The increase was not very large, and the trend of Bitcoin was still highly linked to the US stock market. Gold continued to strengthen, and risk aversion was brewing in the market. The increase in the US stock market can be seen as an oversold rebound, and the rebound is still bearish.

Data source: Tradingview

In addition, since last Tuesday, Grayscale Trust's BTC holdings have not increased for 6 consecutive days, but have decreased by 100. In obvious contrast, Grayscale has increased its holdings by an average of about 6,000 BTC per week in the past three months. Now that this capital is gone to support the market, it may be one of the reasons for the weakening of BTC.

Data source: QKL123

The trend of US stocks and the purchase of trusts such as Grayscale are important factors affecting the market trend recently, and we can continue to pay attention to them. Although the overall market trend is weak and the sentiment of small currencies is also very bad, when market expectations are unprecedentedly consistent, it is also the time when its reflexive market comes. This kind of market is still not suitable for operation. Risk always ranks first in decision-making. Hedging with large funds and shorting with small funds may be a good choice.