Mid-term view
$BTC 49000 is likely to be the bottom of this month. According to the on-chain data, a large number of long-term holders at the 49,000 position have not sold, and even increased their holdings. This area has strong support. This position is also the holding cost area of ​​many active addresses, with a large amount of capital support. The amount of coins held by miners has also remained stable, and there has been no large-scale selling. The behavior of miners not selling further reduces the selling pressure in the market and enhances the medium- and long-term support of the market. Grayscale's Bitcoin and Ethereum have released similar selling pressure after the ETF is passed. Mentougou has paid more than half of the compensation, the German government's selling pressure has been released, and the US government's selling pressure has been released partially. The price performance of Bitcoin is still strong. Secondly, ETF will continue to expand Bitcoin's influence and money-making ability in the traditional financial market. At the same time, the interest rate cut cycle in September is about to start, and demand is greater than supply. The overall trend is positive. If the market can stand firm near the key support level of 49,000 in the future, it may lay the foundation for the next round of increases.