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The market has experienced a two-month adjustment without dissipating momentum. This adjustment has brought healthier upward momentum to Bitcoin. With more and more large institutions and companies disclosing their Bitcoin holdings, it will only quickly shift the attention of retail investors to cryptocurrencies. Whether it is the concerns brought to the stock market after the super rise of the US stock market or the approaching expectation of interest rate cuts, we have reasons to believe that more and more funds will enter Bitcoin or cryptocurrencies. Spot holdings require patience, while contracts require attention to risks. Do not easily exit or fall before dawn!
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Yesterday's CPI data was released, igniting the market once again. BTC has continued to hit new highs, with support levels quickly moving up. The intraday market is still oscillating at high levels, with limited room for further upward movement. Overnight, there was a rebound from the lowest point of 64600, and the current price is at 65200. The current monthly trend has reached the upper band of the Bollinger Bands, which will serve as a strong resistance level. The previous high point was at 67200, which is also a strong pressure point on the four-hour Bollinger Bands upper band. Therefore, a double top has formed, combined with the insufficient bullish performance in the market. It is highly probable that there will be a small correction or consolidation relying on support levels in the near future. The support levels below are at 64500-63200-62500!
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Ethereum's performance is completely weaker than Bitcoin, the trend is collapsing, but Ethereum's volatility is indeed too large. It fell to a low of 2920 after overnight oscillation, and the trading volume shrank significantly. Ethereum's poor performance is mainly related to recent negative impacts. May 23rd is also the deadline for the US SEC to approve the Ethereum spot ETF. The market generally believes that the US SEC is unlikely to approve it. It is highly probable that the date will be postponed. Especially in the documents submitted by the US SEC to the government, it indicates that Ethereum may be classified as a security, which is also a major unfavorable information for Ethereum. In the short term, we are concerned about whether the support at 2900-2860 can stabilize. On the upside, there is strong pressure at the daily level of 3065. Only a strong breakthrough can provide room for further increase. Although it is weak, we can always wait for the opportunity to come. #内容之星# !