Market analysis: BTC breaks through and responds to the main force's increase in holdings, and the market development enters a delicate stage

According to analysts, shortly after Grayscale increased its BTC holdings on September 23, the short-term closing price of BTC easily fell below the 120-day moving average. At this time, not only retail investors were hurt, but also the main investors. The reason is that real investors do not care about short-term price fluctuations, and long-term bullishness is the driving factor for bargain hunting.

In terms of price, BTC broke through the 120-day moving average for the first time during this decline, which means that the adjustment space for the shock during this period has increased. The later the adjustment is, the easier it is to form similar breakouts. In response to the price drop, Grayscale's approach is to buy low. On September 23, the number of BTC purchased was as high as 6,800, which was the largest increase in Grayscale's holdings in a month.

The number of large transactions of BTC over 100 BTC has rebounded, which also shows that the main players have indeed increased their trading volume. The latest data shows that the number of large transactions on September 23 rebounded to 1,007 BTC, which is the first time since September 4 that the number of transactions has exceeded 1,000. This shows that the main investors pay more attention to short-term bargain hunting opportunities, which means that the price fluctuation of BTC may tend to be two-way fluctuations, rather than simply continuous declines.

Meanwhile, the performance of mainstream coins was not ideal, with only a handful of coins rising on September 23. As for the strong performing coins, OKB rebounded in the short term and rose again on September 24, indicating good price elasticity. Meanwhile, most other coins such as BNB, LINK, and NEO also experienced an oversold rebound on September 24.

In the short term, most currencies will pull back in tandem with BTC, but price elasticity will also increase. Therefore, while paying attention to the adjustment rhythm of BTC, you can appropriately increase your holdings of mainstream currencies.