5.9 Market Analysis
Technical side:
BTC daily line is going down in a healthy way. After falling below 62,000 yesterday, today's pullback is resistance. Pay attention to the support below 58,500 to 60,000. It is still running in the downward channel. It still needs time to oscillate and repair.
ETH is still oscillating in the triangle position. Next, combined with the expectation of the passage and upgrade of ETF, it will be relatively stronger. The current support below 2930 is the defensive position in the past few days, and the upper resistance is 3140.
News side:
Fed Collins said that there are risks in cutting interest rates too early, and the US economy needs to cool down to get the inflation rate back to the Fed's target level of 2%. When talking about monetary policy, Collins said that the recent unexpected rise in economic activity and inflation indicates that it may be necessary to maintain policy at the current level until there is greater confidence that inflation will continue to move towards 2%. Monetary policy and balance sheet policy are very different, and the market has priced in the Fed's balance sheet actions.
Israel threatens to expand its military operations in Rafah, and negotiations have stalled as Hamas demands that any agreement end with a permanent ceasefire and a full withdrawal of Israeli troops from Gaza.
In the near term, it depends on whether Israel and Hamas can reach a peace agreement, and in the medium term, it depends on the Fed's policy. BTC lacks the next story to tell in the near future, so it remains volatile and difficult to rise sharply.
There is not much money flowing into US ETFs
The next big data is the CPI data released on May 15 (next Wednesday).
1. Grayscale CEO: The company will focus on spot Ethereum products
2. Trump announced that he is accepting donations in the form of cryptocurrency for the US presidential campaign
3. CryptoQuant report: Ethereum's Dencun upgrade has caused ETH to inflate again
4. Uniswap founder calls for stopping premature high valuations: Crypto projects need to prove their value before talking about unicorns
5. MakerDAO: DAI supply has increased by 1 billion in the past two months, and has become the largest stablecoin on the chain in April
6. In the past 24 hours, the entire network contract exploded $154 million, mainly in long orders
7. Robinhood's first quarter cryptocurrency trading volume increased by 224% year-on-year
8. The US Department of Justice has stepped up its attention to competition in the artificial intelligence industry
