February 7 Market Analysis
$BTC has experienced a sharp drop of 30,000 in market value over the past few days, and there is hard support around the bottom of 59,800. The market has stabilized and currently rebounded to around 75,150, where there is initial resistance. A pullback is currently happening; typically, there is not much market fluctuation during the weekend. For those who have already bought at the bottom, short-term selling is advisable. For those with a long-term perspective, hold on tight. Small dips can be supplemented, while large dips should see larger supplements. The market is now close to the bottom!
Yesterday, the central bank and eight other departments jointly issued a document clearly stating that virtual currency-related activities are illegal financial activities. Issuing RMB-pegged stablecoins by domestic and foreign entities is strictly prohibited. However, I believe this is not the main reason for the drop; it was only released after everything had already fallen. Consider it a counterproductive piece of advice, a typical case of hindsight!
Operational Suggestions
$BTC 71500-70700 short
$ETH 2090-2075 short
The overall trend remains downward, so short-term selling is sufficient. If it goes up, the resistance level is at 73,880. Wait for it to drop before entering again, but I still suggest observing more and acting less; it's best not to act, as there isn't much market activity over the weekend!
