Hot topics of Master Chat:
Bitcoin has now broken through the key resistance level of $71,000. With the halving about 10 days away, there is optimism in price expectations. In addition to net inflows into physical ETFs, macroeconomic factors are also seen as reasons for the price increase.
Additionally, interest rate cuts in the United States may be more delayed than expected and high interest rates may persist for a longer period of time, further increasing the demand for Bitcoin as an inflation hedge.
Yesterday, the market finally broke through $70,000 again, after a 25-day long wash from the previous high on March 14. Bitcoin has re-determined its upward direction, and the next step is the halving market.
In addition, the expectation of Ethereum spot ETF approval is also hyped. The bull market of crypto market will always experience countless ups and downs. The bull market does not give you time to think at all. If your thinking is limited to whether Bitcoin will fall below $60,000 or Ethereum will fall below $3,000 every day.
Especially yesterday when Bitcoin broke through 70,000 US dollars, many people said that this was a trap to lure more buyers, and that Bitcoin would plummet after halving. In fact, this is beyond your consideration. As long as you can seize short-term trading opportunities before halving, you will make a lot of money. Why bother considering the market after halving?
In addition, on April 8, 9 Bitcoin spot ETFs (including Grayscale) increased their holdings by 4,153 BTC, with a net inflow of approximately US$298 million. Among them, Grayscale reduced its holdings by 1,172 BTC, with a net outflow of approximately US$84 million, and currently holds 325,687 BTC, equivalent to approximately US$23.36 billion. BlackRock increased its holdings by 4,556 BTC, with a net inflow of approximately US$327 million, and currently holds 263,937 BTC, equivalent to approximately US$18.93 billion. ETFs once again experienced net inflows.
Moving on to Ethereum, about $3.3 billion in notional Ethereum options are set to expire at the end of April, with about two-thirds of that used in call options, or bullish bets on prices. “Call options are concentrated between $3,700 and $4,000, showing an upward bias and underlying bullish sentiment in the market,” said Jake Ostrovskis, an over-the-counter trader at Wintermute.
According to Deribit data, the ratio of Ethereum put options to call options expiring at the end of April is currently 0.45. A ratio below 1 indicates that call option trading volume exceeds put option trading volume, which also indicates that market bullish sentiment is increasing.
Master looks at the trend:
BTC: From the daily chart, Bitcoin has formed an upward fan pattern and may be facing a period of adjustment. The first resistance level at the 4-hour level can be referenced at $72,400, and the second resistance level can be referenced at $73,400.
If Bitcoin breaks through the first resistance level during the day, I think it will be possible to retest the new high. At the same time, the first resistance level is also yesterday's high. If it breaks through, then we can expect further increases.
The first support level for the day is $71,370, and the second support level is $70,650. Today is also a very important support for the first support level. If the first support level can be stabilized during the day, the possibility of retesting the new high will be greater. Even if the first support line is briefly broken, we must pay attention to the rising trend line, and we can also get a more favorable position when entering the long position.
So in today's short-term trading, we can focus on 71400. As an important support line, if it breaks, a short-term decline is expected. In addition, we also need to pay attention to the rising trend line I mentioned above as support.
A large positive line also appeared at the 4-hour level yesterday, and there was no sharp drop. If the price of Bitcoin remains above, it is likely to continue to rise after a brief consolidation.
ETH: ETH has performed stronger than Bitcoin in the past two days, which can be regarded as a rebound, but it is still far from enough. I think only when it stabilizes at 3800 can we open up the space above, so as to reach our target point of around 4200-4500. The support level during the day can focus on the range of 3600-3660.
4.9 Master's short-term pre-buried order:
BTC：
More around 70600-71000, target 71800-72200
ETH：
More around 3640-3680, target 3760-3800
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