$BTC 2024.5.5 Market Summary Analysis
Today, the lowest price of Bitcoin is 62822. It is best to break through 64100. If it breaks through 65000, it will continue to be bullish. If the daily line continues to fall, it can be changed to bearish thinking, such as falling below 62000. Of course, the general direction is bullish, and bearish is not short.
At present, it is Bitcoin that is fluctuating. Many people are still trapped in the Shanzhai. It is time to cut the meat. There is no more room for decline. The Shanzhai daily support point is much stronger than before.
But there are still good news today;
Block Inc. under Jack Dorsey announced its strategy of regularly allocating bitcoins for the balance sheet through the dollar cost averaging method. The company plans to invest 10% of its monthly gross profit from bitcoin products in cryptocurrencies. (More and more institutions are entering the market)
"Banana Capital investor Turner Novak posted on the X platform that there is a view that the total payment volume of stablecoins will exceed Visa in the second quarter." (No matter what stablecoins are used for, it is also good for the crypto market and increases exposure)
In addition, according to DefiLlama data, the total market value of stablecoins reached 160.407 billion US dollars, with a growth rate of 0.29% in the past 7 days. Among them, the market value of USDT reached 110.627 billion US dollars, with a market share of 68.97%.
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