Let’s first have a look on the current U.S. macroeconomy. Last Wednesday, the U.S. Department of Labor released CPI data for March. While the predicted value was higher than the previous value, the actual value was higher than the predicted value. This also means that the CPI will be worse than expected in the first four months of 2024. BTC and US stocks fell. With Federal Reserve officials and Biden promising to cut interest rates in 2024, market sentiment calmed down and BTC turned higher. However, the interest rate cut promised by officials was quite different from the June rate cut expected by the market at the time, and there would still be adjustments in the future.
As we mentioned in the previous recap, BTC remains fluctuating at a high level and other tokens are gradually weakening. If BTC cannot refresh ATH, the market may face a significant correction. Over the weekend, Iran's raid on Israel became the trigger for bulls to collapse.
We believe that BTC has safe-haven characteristics, but when too many chips are piled up at a high level, the safe-haven properties will be diluted. Risks begin to be released.
And that might not be a bad thing. BTC is about to undergo its fourth halving this week, and from a long-term monetary policy perspective, the bullish trend has not been ruined. Yesterday many Hong Kong asset management companies received approval to issue BTC spot ETFs, which will once again consolidate liquidity.
Back to our TA. Although the entire market began to correct, BTC did not break through the lower rail of the range downwards. Judging from the indicators, although it is not significant, the rebound from Sunday has a blue columns. Judging from the trading volume, whales began to increase their positions after the sharp correction of BTC. The ME indicator continues to maintain a bullish trend.
To sum up, we believe that BTC may continue to fluctuate within the range this week. We maintain our original resistance level 74000 and support level 61000.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
As we mentioned in the previous recap, BTC remains fluctuating at a high level and other tokens are gradually weakening. If BTC cannot refresh ATH, the market may face a significant correction. Over the weekend, Iran's raid on Israel became the trigger for bulls to collapse.
We believe that BTC has safe-haven characteristics, but when too many chips are piled up at a high level, the safe-haven properties will be diluted. Risks begin to be released.
And that might not be a bad thing. BTC is about to undergo its fourth halving this week, and from a long-term monetary policy perspective, the bullish trend has not been ruined. Yesterday many Hong Kong asset management companies received approval to issue BTC spot ETFs, which will once again consolidate liquidity.
Back to our TA. Although the entire market began to correct, BTC did not break through the lower rail of the range downwards. Judging from the indicators, although it is not significant, the rebound from Sunday has a blue columns. Judging from the trading volume, whales began to increase their positions after the sharp correction of BTC. The ME indicator continues to maintain a bullish trend.
To sum up, we believe that BTC may continue to fluctuate within the range this week. We maintain our original resistance level 74000 and support level 61000.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
