Bingbon Chart

Source: TradingView & Bingbon

Today is the start of August and Bitcoin is at a crucial moment in its life. The crossroad of a possible bear market or a continuation upside is progress. The path chosen will dictate the trend over the coming months. The monthly candle chart could provide clues as to what might be next.  A short squeeze occurred after many traders bet that BTC would drop and as of consequence, they were abruptly forced to liquidate their positions and buy at higher prices as the market shifted. The phenomenon sometimes results in the rapid increase of an asset’s price.

Bitcoin’s sharp rally in the past few days is facing hard resistance at $45,000. The positive signal is that bulls have not given up much ground. Looking at Bitcoin’s balance on all exchanges, it appears that the weeks-long accumulation trend is still continuing. This indicates that bulls are not dumping their positions as they expect the up-move to continue. The bears will have to pull the price below $38,000 to gain a strong dominance. Such a move could raise the possibility for a retest at $33,000. If bulls drive the price above $45,000, BTC could start a new uptrend, which could break the psychological level at $50,000.

Today’s Headline

Tencent PCG’s NFT trading software “HuanHe APP” was officially launched, with the first limited audio edition of 300 “ShiSanYao Digital Art Collection NFT”. NFT Digital collection relies on blockchain technology, and is sought after by overseas markets for its digital rights and permanent preservation. HuanHe APP may widely apply NFT’s distribution ability to digital art and collection, IP peripheral development and other businesses. According to industry insiders, HuanHe APP belongs to Tencent PCG, a subsidiary of the Chinese tech giant.