April 9, 2024 Grandpa checks in
Bitcoin fell below 70,000 again, which means that this wave of strong market is still blocked at the pressure level, and it is effective to sell the bottom-picking positions at highs. However, the time window for this wave is not long, and the rise of other coins is not strong enough, so there are not many shipments. At present, the pressure level above 70,000 Bitcoin has become a small consensus, and it can only be effectively broken through with a needle.
Today, the SEC postponed its decision on Bitwish and Grayscale's Bitcoin spot ETF options trading applications, which means that the spot ETF market will take longer to verify. The Ethereum ETF that the market is looking forward to will basically not be approved in the short term. In fact, the Ethereum market has been weak, which is also in line with market expectations.
This wave of big cake failed to break through the pressure level. To some extent, the systemic risk is not great. Since it can be pulled up in the short term, it shows that the main force still controls the chips in the market, which indirectly shows that large-scale shipments have not been completed. The pressure of more than 70,000 has not been broken, and there will be multiple tests in the future. It is not easy to break through.
As for whether to regard it as the peak of this round, there is no need to do so at present. The capital cost of the market has dropped recently, and the Bitcoin can still maintain this position, which shows that the overall capital volume of the market has risen. However, there is no need to rush in operation. You can still wait for the opportunity to buy low during the wide range of fluctuations. As long as the pressure of 73,000 is not broken, there will be a big drop in the market.
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