Today I saw a set of unverified data, which roughly means that since the SEC approved the Bitcoin ETF, the funds flowing into the crypto market have exceeded 10 billion US dollars, but since then, the tokens unlocked by many project parties have also been worth more than 10 billion US dollars. Preliminary estimates show that this data is not much different. When all the ETF funds are on Bitcoin, the part that can overflow through the market is unlikely to be able to catch up with the unlocking of copycats.
So I have said before that the early stage of this bull market is more like the bull market of Bitcoin, and other supporting products have not even started yet. Today, I talked about the cycle with a friend, and she asked me if the bull market has passed. After a brief thought, I replied: Instead of thinking that the bull market has ended, it is more appropriate to think that the bull market has not yet started.
One of the reasons is that the liquidity of the market is all in Bitcoin. After Bitcoin reached a new high, other sectors rebounded slightly, which gave all of us an unwarranted expectation and illusion: the bull market has begun! Compared with previous halvings, Bitcoin has always started a bull market surge within half a year of halving, leading to the explosion of the entire sector.
The water injection before the halving of the ETF directly broke the original historical cycle rate. The big bitcoin price rose alone, and the copycat project parties have been unlocking unlimited additional chips. They just lie down and collect money without moving the market. Of course, objectively speaking, the bull market has already begun. The market value of the new market has nearly doubled in the past six months. These are all water injection phenomena that only occur at the beginning of the bull market.
ETF funds continued to maintain a net inflow yesterday. The total volume is relatively low at present. In short, if there is no large-scale outflow of savings, it will be a long-term positive for the market. After 9 pm, Powell will express his views on the short-term economic situation. Powell has not come out for a long time. Let's see what he says.
The data showed that the annual rate of PPI in April was in line with expectations, with the data released being 2.2% and the monthly rate of PPI in April being 0.5%. The unexpected short-term negative impact drove the market down. The long-term impact of the data still needs to be paid attention to the CPI release tomorrow night. If there is any negative impact, it will directly push the price of Bitcoin to fall below 60,000 in the short term. Again, the cyclical trend will not affect the direct turning point of short-term objective factors. The historical process and the times will drive it. Just be friends with time.
Under the influence of the mainstream downturn and the release of the copycat project, retail investors who had no choice chose the most consensus meme sector. Pepe directly hit a new high during the day, and people followed closely behind. As the second and strongest of the ten-fold coin sequence to reach the target, Pepe really deserves this market.
In the short-term bottom-hunting strategy, there is a big divergence between long and short positions. I think that even if the bull market goes on as expected, the necessary needle of the pie may come at any time. As for the cottage, they have generally fallen sharply and are weak, and can only go down. So there is no need for unlimited panic, and all the bad news is good news.
BTC: The support of 60,000 points of Bitcoin has been recognized by N rounds. In the short term, we will focus on this position at the bottom. On the top, we will focus on the pressure level of 64,000 points. If we can effectively break through this pressure range, the bearish sentiment in the market will be further released. We will not pay attention to it in the short term in the next two days as there are too many data.
ETH: Ethereum is linked to Bitcoin, with a daily support of 2760 points. Most of the recent bottom-fishing on the chain choose Ethereum between Bitcoin and Ethereum, probably considering the short-term cost-effectiveness, for reference only.
Copycat: If there is a need to buy at the bottom of the copycat market, please do so during the cooling-off period after the data comes out tomorrow night. The meme sector has just slapped Chinatown in the face, so be cautious in chasing it in the near future.
Finally, stay away from leverage and stock up on spot goods! #美国4月CPI通胀数据即将公布 #GameStop带动Meme板块 #Meme币你看好哪一个？ #新币挖矿 #山寨币热点 $BTC
