The positive effects of CPI were dampened by the expectation of interest rate cuts, and the market returned to a volatile downward trend. It is unreliable to make an analysis of the possible subsequent trends.
Bitcoin market analysis
On May 19, I mentioned in the group that 64,600 was the balance point between long and short positions, and was also the basis for the bullish view at that time.
Now the market has a chance to return to this support, so let’s look at the position again.
The rising trend line since 38555 + daily moving average MA120 is not far from the support of 64600.
Therefore, if the market continues to fall, the 64500 - 65000 range has strong support.
Let’s look at the on-chain indicators.
Adjusted SOPR finally returns below 1.0
The Short-Term Holder Realized Price moved up to $63,800.
These two points show that if the market falls below 64,600, it will not be far from the cost line.
In summary,
64600 can be considered as the long and short balance point of the market. If the daily closing does not fall below 64600, the probability of a rebound here is higher.
If it falls below that level, we will need to think long-term. #BTC走势预测
