As of the time of writing, the current BTC price is around 29,800. The market has been quiet for many days. Yesterday, it finally rose again, with the highest price breaking through 30,258, breaking through the 30,000 mark in one breath, breaking the boring market in the past two weeks! Although it broke through the 30,000 mark, it did not stand firmly and fell back quickly!
Yesterday's rally also successfully boosted some of the market's trading sentiment. The 24-hour total network contract holdings reached 15 billion, which was a significant increase compared to the previous few days. However, the short-selling force is still exerting its strength. Yesterday's upward movement was driven by forces from the West, and trading in the Asia-Pacific time zone was still sluggish!
BTC has been rising steadily, which seems to be a bullish trend, but there is a deeper meaning behind it. Bitcoin continues to rise. In fact, all the positive sentiment comes from the Ark ETF incident that has been fermenting since yesterday. The female stock god of Ark has been promoting the sentiment that her or other institutions' ETF applications can be passed through the media, and she has been continuously releasing positive sentiment. If you really have the confidence to pass, why do you hype the sentiment in advance? Is this a reminder for everyone to make money?
The SEC will announce the application results of multiple ETFs over the weekend. Various news may appear in the next few days, which will once again lead to instability in market sentiment. Regarding this ETF application, I am still not optimistic that it will be approved. Delay or rejection are both highly likely, and the market will continue to fluctuate!
I personally don’t think we need to have too much expectation for tomorrow’s CPI. Looking back at last week’s non-farm payrolls, the fluctuation was only 300 points. There was no big fluctuation in some recent events. However, from the overall market situation, the current market sentiment seems to be positive! This is like a shot of cardiotonic for the leeks. Your confidence is back, and then it’s time for it to hit it again!
Trading trend: At present, yesterday's rise did not break the overall downward trend. The current position is suitable for swing trading, long and short, but be careful, the current sentiment will bring a wave of pull-ups! Control your position!
Trading strategy: The main trend remains unchanged, and it is still bearish. Just short at high levels. The best entry point is 29900-30000.
Spot: We have been saying this all along. As far as spot is concerned, it is not yet the time for us to buy the bottom. We are not considering buying the bottom of spot for the time being. Recently, market makers have also been active. Don't enter the market blindly to avoid being cut!