Jiang Zhuoer, the founder of the Litecoin mining pool B.TOP, shared his latest market analysis today. He noted that Bitcoin has not effectively breached the strong support level at $60,000, a key technical threshold. Meanwhile, the price spread between Coinbase and Binance for BTC is narrowing. This narrowing spread is often interpreted as a sign that selling pressure from U.S. institutional investors, including those trading through ETFs, is diminishing, as Coinbase tends to reflect more institutional activity.
Jiang expressed that with reduced selling pressure, the cryptocurrency market may see a rebound over the weekend. In a related move, he revealed yesterday that he had repurchased his entire Ethereum (ETH) position at $1,645, a classic “buy the dip” move, and plans to sell it after a 1 to 3-day short-term bounce. This strategy underscores his expectation of a temporary price recovery.