June 12, 2024

Yesterday, BTC fell to $66,000 before stabilizing at the previous support level of $65,746. Today, the support level has moved to $65,878.10 to $65,687.20, while the resistance level has moved down to $68,862.30 to $68,532.30. Early data suggests that BTC may trade weakly between the two.

Yesterday's net outflow was about $1.41 billion, and this adjustment continued, causing BTC to drop to the $65878.10~65687.20 range earlier than expected, resulting in today's data going down and the point shifting.

The current resistance level is $68,862.30~$68,532.30, which puts strong pressure on the price, and the weak performance in the early trading makes it unlikely that BTC will break through this resistance level in the short term.

From a technical perspective, the $66,600-$66,400 area is a protective support. If this support turns into resistance, the short-term capital flow trend may turn to a bearish stance. This support level is crucial and should be closely watched.

Capital flow resistance is at $68,862.30-$68,532.30.

Daily chart indicators show 10% bullish and 90% bearish.

The ratio of long positions to short positions has dropped to 2.16, showing a bearish advantage.

Market sentiment: Short-term long positions account for 47.5% and short positions account for 52.5%.

Funding rate ranges from -0.0078% to 0.01%, indicating pessimistic sentiment.

Total futures open interest is $35.89 billion, down 3.06% from the previous day.

The Fear and Greed Index is 72, with a turnover rate of 21%.

BTC market sentiment further turned negative due to the impact of non-agricultural data. The upcoming US May CPI data will determine whether the short-term trend will rebound or turn to a bearish mode. Long-term investors should guard against downward pressure and manage risks carefully.

In terms of macroeconomics, before the release of US CPI data and the Fed's interest rate decision, the market is in the off-season, non-agricultural employment data unexpectedly rose, expectations of interest rate cuts weakened, and market sentiment was slightly pessimistic.

Pay close attention to the US CPI data tonight and the remarks of Fed Chairman Powell in the Fed statement, as this may cause large price fluctuations or further declines. Manage your risks accordingly!