Yahoo Finance reported that PayPal’s mobile payment software Venmo will support cryptocurrency transactions, allowing users to buy, hold and sell Bitcoin, Ethereum, Litecoin and Bitcoin Cash; shared workspace provider WeWork also announced that it accepts Bitcoin, Ethereum Fangfang, stable currency USDC and other cryptocurrency payments. It will also hold cryptocurrencies on its balance sheet.
Today's point of view
Long-term rating: Overweight
Short Cycle Rating:
Bitcoin accumulation
Lighten up in small-cap cryptocurrencies
Today's point of view
According to the Ouyi OKEx market, Bitcoin will bottom out after the extreme 4-hour oversold market as we expected. Many KOLs in the currency circle also compared this decline with 312 in 2020, and believe that there are many similarities. According to their opinion, the bottom of Bitcoin's current decline may have been given.
We invite investors to pay attention to the red upward trend line, which is an important support level for the continuation of the current round of bitcoin uptrend. Due to the continuous multi-week sideways trading of bitcoin, we are already close to this point. If there is a very small probability If it breaks down the $50,000 mark, Bitcoin will enter the monthly adjustment ahead of our expectations.
Bitcoin’s market capitalization ratio is supported by the lower edge of the downward channel, and is rapidly approaching the important resistance level of 49.92%. We expect Bitcoin’s market capitalization ratio to bottom out at the current level or at the 50% level, which means that Bitcoin has a It may lead the market in the next market or have a small correction in the down market. We will seize the opportunity of the rebound of small-cap cryptocurrencies to gradually convert positions into Bitcoin.
Looking at the overall market, Bitcoin needs to choose to fluctuate upwards and then accelerate or break the position to adjust the monthly line. The market in the next week is very important. Investors are required to do a good job of risk control. If Bitcoin breaks and falls, investors are advised to pay attention to the risk Control, reduce or close long leverage and futures positions to protect your principal and profits.
