Market Analysis 5.9
Good morning, brothers. BTC once fell below $61,000 this morning.
Why has there been no improvement? It is still the impact of the war and the Fed's policy.
(1) Yesterday, Fed officials continued to emphasize that there are risks in cutting interest rates too early.
Recently, many Fed officials have been emphasizing this message, which further reduces the possibility of a rate cut in June.
(2) The Israeli Defense Minister hinted that the situation in the north may escalate.
Currently, the negotiations between Hamas and Israel have come to a standstill.
In order to promote peace, the United States has seized bombs that were originally intended to be sent to Israel.
Delegations from various countries are still in Cairo, Egypt, waiting for another round of talks.
If the talks can be concluded, BTC is expected to improve. Otherwise, there is a risk of falling below $60,000.
On-chain data
(1) Yesterday, about 3,000 BTC flowed out of the exchange. It has been flowing in for the past few days, but it started to flow out yesterday. This is a small positive.
(2) Stablecoins have not flowed into the exchange in large quantities, which is negative.
Not much money has flowed into the US ETF.
In the near term, it depends on whether Israel and Hamas can reach a peace agreement.
In the medium term, it depends on the Fed's policy.
The next important data is the CPI data released on May 15 (next Wednesday).
Keep more bullets to prevent negative news and bottom-fishing.
