May 22, 2024
Yesterday, BTC and ETH diverged. BTC failed to stabilize and adjusted to $69413.07, reaching a low of $69162.94. Today's support level is shifting to $69031.98, and the overall trend is still dominated by fluctuations.
Yesterday, there was a net outflow of $16.81 billion. Although the decline was not large, the price and trading volume were large, and the outflow was almost the same as the inflow the day before. BTC tried to stabilize, but failed to catch up with ETH, breaking through $70495.27 and adjusting to $69413.07.
Despite the failure to stabilize, BTC is still in a bullish shock. The price has now rebounded above $70,000. Today's key support level is $69,031.98 to $68,544.98. The price may fluctuate between this area and $71,016.08
If BTC is able to sustain $70,495.27 for 4-8 hours, the target price of $71,016.08 may be reached. A breakout of this minor resistance may lead the price to $72,860.67 to $73,320.85. However, multiple breaks below $69,031.98 to $68,544.98 may shift the trend to a bearish swing.
Funding support: $68,544.98~$65,844.59
Daily: 90% bullish, 10% bearish
Long/short ratio: 1.19 (slightly bullish)
Funding rate: 0.01~0.0213%
Bullish sentiment is strong but slightly weakened
Total contract amount: $350.9 billion (+0.92%)
Greed index: 76
Turnover: 25%
BTC failed to stabilize and made a small adjustment. The previous data showed a small bull-short tug-of-war. The bulls tried to regain the stability point, while the bears pushed towards the fund flow point. The volatility intensified and cautious trading was required.
Overall, BTC is still in a long-term bullish trend. There is no low entry opportunity in the short term. Macro data needs to be continuously observed, positions are cautious, and long-term strategies are still mainly buying on dips.
Macroeconomic background: Several Fed officials issued cautious statements, indicating further observation of monthly data. Fed officials hinted that interest rates may be cut in the fourth quarter.