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Analyst: The market has currently shifted from an aggressive short positions pressure phase to a neutral bullish stance.
BlockBeats news, on August 8, CryptoQuant analyst Axel Adler Jr stated, "Since the end of July, the SMA-120 line has reversed upward after a long bearish trend and has touched the zero axis. A similar attempt a week ago failed. The market has now transitioned from an aggressive short positions pressure phase to a neutral bullish phase. If the SMA-120 can maintain above the zero axis in the next two days, this trend reversal will be confirmed."