After Powell's speech yesterday, BTC once again broke through to a new high, just one dollar short of $77,000. So, I apologize that there are still no detailed URPD data today. However, looking at the chip distribution is still fine. From the data, we can see that there has been a significant increase in holdings at three positions: $73,000, $74,000, and $75,500. This is a very important indicator, showing that a large number of investors are starting to hold #BTC due to FOMO.
Of course, it doesn't mean that these people won't sell once they buy; it's very likely that they are short-term investors. However, as long as the price hasn't fallen, this testing will be difficult to complete. Additionally, we can see that there is still strong support between $56,500 and $69,000, and although there has been some consumption between $64,000 and $69,000, the strength of the support is still very strong, and it will take more time to confirm whether it is stable.
Tomorrow is the weekend, and investor sentiment will gradually cool with the weekend. Next Monday is Memorial Day in the United States, making this a continuous three-day holiday. During the holiday, liquidity will be lower, so investor sentiment will more easily reflect in the price. Although I currently do not believe there will be any negative information, we still need to be cautious about the possibility of a spike during low liquidity periods.
Of course, if investor sentiment remains FOMO during the three-day holiday, and this probability is quite high, then the rise of BTC may become easier. Although it sounds like nonsense, as if both bulls and bears have said it, it actually suggests that friends should at least stay away from high leverage during this period, as that is the safest option; there is nothing to worry about with spot trading.
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