Market Analysis – BTC has reached the end of convergence, and $60,000 has become a key support at a large level
BTC continued to consolidate and fluctuate last week, showing a downward trend for seven consecutive weeks. The high point has fallen by about 20%. However, the AltCoin market has shown a very polarized state. Yesterday, the AltCoin market fell sharply again, and most of the AltCoin market fell sharply. In the past two months, it has fallen by more than 40% from its high point, which can be said to be very tragic. As the first phase of Binance’s new product Megadrop, the overall return rate of Bouncebit’s opening the day before yesterday was even lower than market expectations, only less than 1 % of the income, the overall market can be said to be very sluggish at the moment, and it is really difficult to make profits in this market.
However, the performance of the meme currency sector continues to be strong. PEPE even hit a record high today. Related currencies are generally relatively resistant to yesterday's plunge. The AI sector has also performed well recently, but after Open AI announced the latest CpatGPT-4o yesterday, related currencies began to sell the News, generally falling by more than 5%.
Overall, the current cryptocurrency market has lost its independent catalyst and is therefore once again sensitive to macroeconomic changes. The U.S. Bureau of Labor Statistics (BLS) announced last night that the annual producer price index (PPI) growth rate in April was 2.2%, higher than the 2.10% in March. Although it was in line with market expectations, it also wrote the highest growth rate in the past 12 months. new highs. Judging from PPI alone, inflation in the United States has not yet been alleviated, which is unfavorable for potential interest rate cuts. Today, the Consumer Price Index (CPI) for April will be released at 8:30 pm Taiwan time. This data will be the most important data regarding whether to cut interest rates, so it has attracted much attention from the market. It can be expected that tonight will be volatile. of one night.
According to data from Investing.com, the market currently expects the annual CPI growth rate to remain at 3.4% in April, compared with the previous value of 3.5%.
It is worth noting that the CPI has been higher than market expectations four times in a row, which indicates that inflationary pressure may take longer to ease, and except for February, the other three times after the CPI was announced, Bitcoin has subsequently declined by about 15%. There has been a correction, so investors must treat this CPI data with caution.
From a technical perspective, BTC is still consolidating in a volatile range. However, it can be found that the original pressure zone at the recent range high was about $66,000. However, the high in the past week has begun to be suppressed by EMA 200, and the fluctuations have gradually converged. There is a trend of storm coming, and with the opening of Bitcoin spot ETF, BTC has become increasingly linked to US stocks. It just so happens that the Federal Reserve will release CPI data tonight. Every move will greatly affect the trend. US$60,000 will It has become a very important support in the medium and short term. It can be said to be standing on the edge of a cliff at present. If the CPI data is higher than market expectations, a decline is inevitable. After falling below the support, it may move further towards US$57,000.
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The yields of "GTRadar - BULL" and "GTRadar - Balance" in the past 7 days are -3.19% and -0.01% for the former, and -2.44% and -3.42% for the latter in the past 30 days.
"GTRadar - BULL" added a new left-hand entry strategy on 5/11 last week. This strategy mainly focuses on catching short-term rebounds. The stop loss and take profit are both low. It uses multiple currencies, but the order amount of a single currency is If carried out in a lower way, the strategy will not exceed 20% of the total position when the position is full.
In the past week, the overall market was still mainly down, and the proportion of strategic transactions and positions between the two was still not high.
Currently, "GTRadar - BULL" holds a net long position of approximately 30% (3x leverage full position is 300%).
Currently, "GTRadar - Balanced" holds a lot of currencies, and the differences between long and short are also large, but the positions are not large, with a net short position of about 5% (a full position of 3 times leverage is 300%).
The long-term returns of a follower who frequently changes his investment portfolio are not as good as those of a follower who continues to follow a single group. Don’t end the follower easily just because of a short-term retracement. Judging from the curve, the retracement is a good time to start following. In and out, on the contrary, the yield rate will be significantly reduced.
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The above content does not constitute any financial investment advice. All data comes from GT Radar official website announcements. Each user may have slight differences due to different entry and exit prices, and past performance does not represent future performance!
This article GT Radar Radar Weekly Report 5/15: BTC has reached the end of convergence, and $60,000 has become a large-level key support. First appeared on Zombit.
