May 17, 2024

Yesterday's data showed that the price attempted to break through $66,776.61. The high was $66,752.01 and fell back to support at $65,202.76. Early data showed less volatility around this area. 📊 #Bitcoin 

Today, the price is expected to fluctuate between $64,433.98 and $66,776.61, with $68,965.66 as the limit resistance. If it breaks through and holds, the next target may be $72,226.47.

Fund flow support: $63,241.64~$62,301.11

Daily K-line: 90% bullish, 10% bearish

Long/short ratio: 1.05 (longs dominate)

Global short-term long/short ratio: 49.2% vs 50.7%

Funding rate: -0.0065%~0.0069%

Contract total: 319.5 billion US dollars (-0.77%)

Greed index: 74

Overall, after the CPI decline and the expectation of interest rate cuts boosted BTC, the resistance level is still at $66776.61 and $68965.66. At this stage, it is oscillating between the support and resistance levels. The long-term trend is bullish and the possibility of a sharp decline is small.

Macroeconomic background: US initial jobless claims data is slightly positive for the US dollar and slightly negative for Bitcoin. The statement of Federal Reserve officials shows that the CPI in April is not enough to cut interest rates and maintain high interest rates. Future CPI data will be crucial.