Three major reasons for the decline of the market
1. Changes in Mentougou coins:
BTC worth 500 million was transferred from the Mentougou wallet to an unknown address. It is expected that billions of BTC will be paid out before October this year, and market concerns are rising.
2. Pressure from locked-in positions:
There are a large number of locked-in positions above $70,000. If there is no major positive news, it will be difficult to break through $70,000.
3. Expectations for US PCE data:
The United States will release the April PCE data on Friday night. Large funds are cautious before the data is released. It is expected that the market will remain volatile and the risk of decline will be high.
So recently, everyone will find that this week's celebration has begun to fall back from a high level, but it will not be a big waterfall!
At least the meme sector is still the main hype topic driven by this round of market conditions. In addition, the election has begun. There will be several memes worth observing. Everyone guesses which ones are the main ones. Welcome to express your opinions in the comment area!
