According to the analysis of Jins, the in-house, leading crypto analyst at CoinNess.com, judging from the price performance of Bitcoin (BTC), there is no effective bottoming signal in the short term. From this perspective, BTC price fluctuations in the short run may indicate the final showdown between the bulls and bears.
The BTC price is trading near $10,800 which is very close to the 60-day moving average at $10,773. Considering that the correction of BTC who started to fall on June 27 has lasted for almost two months. During its recent high shocks, many investors entered the market at price range from $9,000 to $13,000. If BTC falls below the 60-day moving average, most of the investors will lose money, which will definitely extend the adjustment time of BTC.
In other words, when BTC further drops below the above-mentioned 60-day moving average, the correction space will be even more unpredictable. On the one-hour chart, the trading volume of BTC has increased during its price decline, indicating that the short-selling power is growing. As a result, BTC will break below $11,000 in a unilateral decline without pressure. The reason behind the decline is related to the net outflow up to $4 billion, which drives the shorts.