【Black Golden (BG) 0417 Daily Report】
The major decline in the US stock market led to go down in crypto-related stocks. However, the cryptocurrency market demonstrated independence by witnessing large-scale buying and listing orders around 62,000-61,000. A decent rebound is expected today, aiming towards 66000. If the resistance around this level is broken, we may see a return to the upward trend channel.
Global BTC 10:00 (GMT+8)
（AI Black）
Futures long-short ratio: 43%:57% (The long-short ratio is not significant, but the position ratio is relatively high, especially with the contract fee rate turning positive. If there is an uptrend, a large number of short positions may be liquidated.)
Spot buying-selling ratio: 35%:65% (Unexpected outflow increased, mainly from GBTC outflow, while other selling pressures are not significant.)
BTC: The pullback in the US stock market did not affect the BTC build a base, especially with significant buying and order placement, making 60000 a strong support level. Panic selling seems to have exhausted, so we wait for opportunities, wait for the halving.
ETH: ETH found relative support around 3000, but selling pressure has not decreased, still suppressing the rebound of the market. Positive news is needed for rise. But chips around 3000 can be considered for entry. This is the first time in a week that ETH is recommended for buying.
Yesterday, several Fed officials, including Powell, made intensive statements, with most leaning hawkish. However, interpreting from the English text, it seems more about suppressing inflation expectations, rather than opposing rate cuts or seeing US economic growth as a pressure. Furthermore, we need to deeply understand the core interests of the Fed and the US government. Rate cuts are absolutely correct regardless of inflation. We continue to firmly predict a 25-basis-point rate cut in September.
