Bitcoin bucked the trend and broke through $74,000! ETF buying and miner selling pressure fierce battle

Bitcoin suddenly gained strength after the U.S. stock market closed on Monday, breaking through the $74,000 mark in one fell swoop. However, data from the derivatives market has poured cold water: A large number of traders are still betting on a decline, and the market's bearish sentiment has not dissipated. This rise is not a consensus that everything will go smoothly, but a fierce tug-of-war between bulls and bears.

The core contradiction lies in the confrontation between "new money" and "old money". On the one hand, spot ETFs such as BlackRock continue to bring in huge amounts of capital buying, which is the core new driving force for the rise in currency prices. On the other side, Bitcoin miners have experienced a sharp drop in income after the halving and are facing huge operational pressure. They have to continue to sell Bitcoin to survive, forming stubborn selling pressure. This struggle between "incremental funds" and "stock selling" determines the volatile pattern of the recent market.

For retail investors, this means that the market fluctuations will be extremely violent, and the dream of unilateral surge may have to be put on hold for the time being. Before ETF funds and miner selling pressure reach a new balance, the market will most likely maintain high levels and wide fluctuations. In operation, it is important not to chase the rise and kill the fall. It is more suitable to make a swing between the key support level and resistance level. In a market where high-frequency trading is likely to increase, the control of transaction costs is particularly important. Platforms like CoinRebate can help you compare the rates of major exchanges in one stop, so you can save a little bit.

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This article was edited by CoinRebate AI, data source: CoinTelegraph