1. BTC rebounded slightly
The 30 minute K line chart of BTC shows that with the continuation of narrow range fluctuations within the range, the BTC price once again rose and fell. During the high volume period, the recovery of BTC trading volume only lasted for one hour, indicating that the bulls have limited ability to drive up prices, and BTC prices are again weak. Therefore, there is still a strong downturn expectation in the recent market trend. At the same time, there was no effective performance below the integer threshold of $20000. After the amplitude of BTC reached 0.75% on October 22, the first price rebound failed again.
2. Increase in destruction of BTC long-term investors
The signal that BTC's main force is making a lot of profits and fleeing continues. The number of money destroyed on October 18 reached the highest value since June 17, amounting to 55.44 million, indicating that the selling pressure has increased again. In other words, the BTC price is currently at a typical stage of change. Although the BTC price rebounded after reaching the bottom of 18650 US dollars on October 21, the rebound was weak. The sharp rise and fall of the BTC price indicate that the price may decline again in the near future.
3. ETH closed up
In terms of the 30 minute K line, the price of ETH rebounded in the short term, and the trading volume increased in the short term during the price rise, pushing the price of ETH to the highest level of $1371. In other words, the ETH price reached the highest closing price since September 19. Considering the short time of trading volume amplification and the rapid increase of selling pressure, the period of maintaining strong ETH price is very short. Therefore, although the current trend seems to be stronger than the BTC price, the possibility of continuous rise is low.
4. Whale selling increased
Before the short-term rebound of ETH price, the selling pressure of the exchange has increased, and the proportion of selling on October 21 has reached 13948. That is to say, among the selling pressures flowing into the exchange, the first 10 inflows reached 13948 ETHs, and the value calculated at 1300 dollars reached 18.13 million dollars. In terms of absolute value, the selling pressure of ETH on the exchange is at the highest level in recent three years. It can be seen that ETH rose weakly on October 24, continuing to prompt typical selling signals.
5. Klay's benefits soared
Since October 21, KLAY price has been a signal of large-scale breakthrough, rising by 11% and 31% respectively on October 21 and 23. It is noteworthy that the price amplitude on October 23 was as high as 106%, and the abnormal performance may be the news driven Jergo.
On October 24, it was reported that according to the official announcement, the official team of Klaytn, the public chain of Kakao, a South Korean Internet giant, had submitted a governance proposal to the Klaytn Governance Committee (GC) to "reduce the block awards". It was suggested that the existing block awards should be reduced by one third to optimize the issuance level of KLAY. If the proposal is approved by the management committee (the voting deadline is October 25), the inflation adjustment will be reflected on the chain around the middle of November. At that time, the casting reward for each block will be changed from the current 9.6 KLAY to 6.4 KLAY, and the distribution proportion of the newly minted tokens among the governance committee, the Klaytn growth fund, and the Klaytn improvement reserve (KIR) will be changed from 34%: 54%: 12% to 50%: 40%: 10%, and the annual casting volume of KLAY tokens will be reduced from 3% to 2%, The annual inflation rate of KLAY token will be reduced from 10% to 6.48%.
Affected by this, KLAY prices also ushered in a rare reversal signal. However, the 30 minute K line also showed that there was a clear high volume signal in the price. Therefore, it is necessary to pay attention to the opportunities of low suction, rather than chasing up when selling pressure increases.
