Time: Thursday, June 8, 2023
1. Latest developments:
Last night, the US stock market was mixed, with the Nasdaq closing down 1.3%, the Dow Jones closing up 0.3%, and the S&P 500 closing down 0.4%. The US dollar index reacted strongly, falling first and then rising, making a direct V-shaped reversal. Recently, Coinbase has been falling because of the SEC lawsuit, but Wood Sister did not back down. Several ARK exchange trading funds have been buying the shares of this cryptocurrency company on dips. The SEC's lawsuit against Coinbase has been fermenting. Yesterday, a news report said that a court had agreed to freeze BN's assets in the United States and allow users and institutions to withdraw funds, but the authenticity of this news is still unknown. Although BN has been hit by this wave of SEC lawsuits, it will not go bankrupt, and will only develop better and better through this incident. Judging from the current development status of the cryptocurrency industry, there are problems with the lawsuits filed by exchanges, platforms, and regulatory agencies. There is no way to evade responsibility. The current SEC lawsuit is like fleecing the exchanges one by one, jumping out and saying that this is a security, and your responsibility is that you are not registered and non-compliant. The final result is that the SEC still does not have a clear and clear rule.
The cryptocurrency industry does need regulation, but it requires reasonable, legal regulation and clear rules. This is what the industry needs to develop to its current state. Most retail investors do not want to be deceived or cheated.
2. Back to the crypto market, Bitcoin continues to adjust weakly, partly because of the market impact caused by the recent SEC lawsuit. The market is still moving downward to verify the bottom support. I said the day before yesterday that the short-term rebound trend has been destroyed. Don’t expect a big change in the short term.
At the 4-hour level, the support is 25,000 below and the resistance is 27,100 above. If the 25,000 level is also broken, Bitcoin will usher in a new waterfall market, which also verifies what I mentioned in February that this year's rebound market will only be in the first half of the year, and special attention should be paid to the risk of callback in the second half of the year. It is recommended that everyone wait patiently for the recent wash market. The time to really buy the bottom has not yet arrived. At most, you can operate some short-term favorable green varieties with a light position. If you want to buy the bottom, you may have to wait until August or September.
(Risk Reminder) The above content is not intended as investment advice. Digital assets fluctuate greatly, so do not go all-in! #BTC #ETH