BTC market analysis: The falling support has been effectively adjusted, and the upper moving average has completed the convergence. Can an effective breakthrough be achieved?
Yesterday, the price broke through and stabilized above MA200, but fell back in just a few hours, indicating that there is still a lot of turnover at this position.
Moreover, the decline occurred during the early morning trading hours in the U.S., and the market is still greatly affected by the U.S. stocks.
The upper track trend of the daily line has begun to gradually stabilize and shrink. The upper track range of the daily line is updated: 60,400-66,500
Support and Resistance
Support, near the daily MA7 of 63,500 and the weekly support of 62,700 are both relatively strong supports in the near future. The MA120 of 62,200 provides a buffer for the decline. In extreme market conditions, the daily support is 60,400.
Resistance, daily MA200 63,850, is also the near point of the current price.
After the breakthrough, look at the previous high of the 65,000 daily line, and then the highest resistance level of the 66,500 daily line range.
RSI：
The index fell back to around 61, but still remained high. However, the index showed a slight decline, leaving room for further breakthroughs, and touching 70 is likely to trigger an overbought decline.
Summarize:
BTC still lacks independent upward sentiment and is currently driven by U.S. stocks, especially the S&P. If the data and speeches on Thursday and Friday continue to release sentiments such as economic stability, it will once again give the S&P momentum to climb.
Whether BTC can break through the critical 68,000 under the leadership of S&P will be the main expectation of this rise.
The game begins, and the first key point begins testing.
For other resistance, please see today's market interpretation.
Today's market data comparison/interpretation: The volume gradually decreases during the rise, the selling pressure weakens, and the risk appetite increases! ETH is still in trouble
Compare with yesterday's data to get the overall result
The market risk appetite is more optimistic, the proportion of altcoins has increased, and the market value has increased the most. ETH is still in a bad state, and its current market value has not increased but decreased.
The overall market trading volume has decreased, BTC altcoins have shrunk, and stablecoin trading volumes have decreased. The shrinkage at this time can be interpreted as a weakening of selling pressure.
Funds Tracking:
The total market value of stablecoins on the exchange has decreased by 100 million and is currently 173.3 billion.
USDT: The official website data is 119.281 billion, an increase of 47 million compared to yesterday. The increase in funds is not large, but it is considered excellent data this week. In the past few days, the capital inflow from Asia and Europe has obviously weakened, and there has even been a small outflow of funds.
At the same time, the data website shows that the market value has decreased by 20 million compared with yesterday, and the funds should have participated in the transaction.
USDC: According to official website data, the market value increased by 138 million and the trading volume decreased by 13%. The increase in the market value of funds in the U.S. mainly came from two directions. On the one hand, it was the inflow of funds. On the other hand, the decline in the early hours of yesterday morning may have resulted in funds remaining in the market after the transaction was completed.
Summarize:
The overall market situation is the most optimistic this week. As prices break through and stabilize, the decrease in trading volume proves that the phased turnover has been completed. At this time, if bullish sentiment continues to drive the market, the momentum will be better.
Of course, the key point of the upper resistance level is to complete the turnover.
The altcoin market is becoming more and more optimistic as BTC stabilizes. Can we expect a small-scale collective rise?
CZ regained his freedom today, and a new chapter in his life has begun!
After months in detention, he was finally able to walk on the streets of California with a fortune of $60 billion and great expectations for the future.
I heard that he might go to Dubai or Paris first to reunite with his family, especially his children. At the same time, his charity project Giggle Academy may become an important direction for him to return to society, dedicated to providing educational resources for poor children around the world.
The wishes he expressed in the judgment demonstrated his deep understanding of social responsibility, which may be translated into practical actions in the future.
Despite being forced to resign as CEO of Binance and distance himself from the day-to-day operations of the company, CZ remains the company’s largest shareholder and will continue to have a significant influence on the future of the cryptocurrency industry.
At only 47 years old, he is at the peak of his career and looks forward to reaching the next peak in the encryption field.
CZ's future is undoubtedly full of expectations. With his return, everyone is paying attention to how he will write the second act of his life, especially his next tweet, which will definitely cause market fluctuations.
