Dec. 5 Mars Market Recap: BTC Fell below $4,000 to $3,800, Showing a Downward Trend; Three Major Exchanges Launched New Business to Survive the Bear Market

Dec. 5 Mars Market Recap: BTC Fell below $4,000 to $3,800, Showing a Downward Trend; Three Major Exchanges Launched New Business to Survive the Bear Market

Dec 5th| Investment By:Mars Finance
Both long and short sides are exhausted, and the short-term small volatility market will continue.

Topic in Discussion

The BTC briefly rebounded above $4,000 and showed a sideways movement yesterday before being hit by the short side as it tried to rally again, breaking all the way down to below $4,000 to $3,850. The current trend of BTC also confirms our judgment that both long and short sides are in a passive offensive position. At present, the long side dare not rush to rally because the higher BTC goes after breaking through $4,000, the stronger of the pressure from the short side. And at this time, the long side does not have the power to confront with the short side. While the short side ran out of steam after the defense at $2,500, but bear market endorsement and panic energy still can not be underestimated.

Several long shadow lines in the current 4-hour BTC chart also indicate that the short-term trend will continue to subside. The 4-hour MACD index continued to fall, but was smoother than today's decline and is expected to stop falling above $3,800 in the near term. However, since December, the overall trend of BTC goes downward, support line continues to be lowered, and a descending range-bound at the low position is still the main theme of the after market.

Binance announced the Binance chain and Binance decentralized exchange, also explained BNB that has risen with volume since yesterday. Huobi roled out the future contract and OKEx launched the perpetual contract. Three major exchanges have launched new business in this period, which can be seen that exchanges also are facing great challenges in the bear market. BNB was up 13.48%, HT was down 3.1% and okb was down2.82%.

Market Overview

As of 6pm on December 4, according to CoinMarketCap data, the total market value of digital money market is $125.03 billion, $4.14 billion less than the total market value of yesterday, 3.20% less than the previous month; total market turnover was $13.29 billion, down $1.51 billion from yesterday and up 10.19% month-on-month.

Today, the major stable currency changes as follows, USDT current price of $0.991,052, down 0.62%; the other four stable COINS TUSD, USDC, PAX and GUSD continued to decline slightly. The current prices of TUSD and USDC remained at $1.01, while the current prices of PAX and GUSD decreased to $1.00. TUSD, GUSD and USDC increased the currency circulation and PAX reduced the currency circulation by 6 million.


Mars Finance (WeChat: hxcj24h) monitors 30 of the top 100 digital currencies by market value, with 53 of them falling within the range of -5%~0. The 100 digital currencies rose by an average of 0.22%. FREE Coin gained 275.28%, 137.99% and Waves 19.85% respectively. Pundi X was the worst performer, down 12.06%, followed by Nexo, down 25.43%.


Market Forecast

BTC

BTC was hit by the short side and failed to break $4,200, being supported at $3,850 after falling below $4,000. According to the analysis, both long and short sides are exhausted, but the short side is a little stronger with the buff of the bear market, so it is more difficult for the long side to defend the support above $4000, a short-term small volatility market will continue.

At present, BTC may rebound and rise at the position of $3,800, but the overall trend tends to go down, and the after-market may continue to dive. As for whether the bottom w can be formed, we still need to see the attitude of the long side.

The main net outflow is 56.39 million yuan in 24 hours, the retail net outflow is 269 million yuan, which show a relatively strong short side dominated market.


EOS

EOS led the decline in major currencies. We have talked about the weakness of EOS many times before. During the sideways adjustment of BTC, EOS continued to decline. Even from the perspective of the daily level market, EOS is still in the downward channel since November 13. Short-term downward expectations remain unchanged and risks are still high.

The main net outflow is 7.93 million yuan in 24 hours, the retail net outflow is 80.69 million yuan, which show a relatively strong short side dominated market.


BNB

The overall trend of short-term BNB tends to go up because of some good news, but today saw many large adjustments followed by a sharp pull up with no volume increase, and the low power may increasingly need a short-term callback, thus a repair market may emerge after overshooting.

The main net inflow is 956,800 yuan in 24 hours, the net outflow is 8.4972 million yuan, which show a the long side dominated market.


Industry Overview

As of 6pm, 4 out of 27 blockchain industry sectors of 5 categories went up, according to TokenInsight. Among them, "decentralised exchanges" sector saw the best performance with an average increase of 13.58%, followed by "centralised exchanges" sector with an average increase of 7.96%. The "medical applications" sector saw the worst average decline of 11.10%, followed by the "entertainment and gaming applications" sector with an average decline of 8.56%.