EMC Labs: Medium-term adjustment may have ended, BTC rebounds at $58400.

On June 25th, EMC Labs, a cryptocurrency research firm, posted on social media that BTC fell sharply to $58,400 yesterday, approaching the low point of early May but not breaking through it. It retested the lower edge of the new high adjustment box and probed the rising trend line since October last year. In addition, the trading volume has significantly increased, reflecting a large amount of funds in the $58,000 to $60,000 range to absorb selling pressure. According to the eMerge engine, short-term traders as a whole have entered a floating loss state, and sold 28,000 BTC at a loss yesterday, resulting in a loss of hundreds of millions of dollars. Currently, the market fear and greed index has dropped to 30, entering the ‘fear’ zone. Based on comprehensive technical indicators, support levels, and market conditions, EMC Labs believes that the mid-term adjustment of BTC is likely to have ended, and the market will rebound at $58,400. Under extreme panic yesterday, 9% of the top 500 coins have started to rebound, and the future trend of these projects should be closely followed.