May 21, 2024

Yesterday's analysis mentioned the widening range and the possible boost from the ETH spot ETF decision. The impact of ETH came earlier than expected. At about 3-4 a.m. (UTC+ 8), the SEC asked exchanges to speed up the update of the ETH spot ETF 19B-4 form.

The SEC's move was seen by the market as a positive signal, indicating that it was more open to crypto asset ETFs, driving ETH's early gains and also pushing BTC to break through key resistance levels, stimulating market bullish sentiment.

With a net inflow of about $17.65 billion yesterday, ETH significantly expanded its range before the ETF decision. After the SEC's advance request, ETH rose rapidly, breaking through ETH's short-term resistance (second resistance level of $3,875) and BTC, triggering a bull market.

Both ETH and BTC stabilized after the surge. BTC's support level is between $70,495.27 and $70,000. Prices may adjust to this area. If the support fails, BTC could drop to $69,413.07. If it stabilizes successfully before 8 am (UTC+8), BTC will target the $73,320.85 resistance level.

Above $73,320.85, there is no overhead pressure. A breakout above this level could trigger a short squeeze. The resistance levels beyond this level that I have derived based on my algorithm are estimates, but may not hold if the strong bull run continues.

Funding support: $68,033.57~$64,936.63, 100% bullish

Long/short ratio: 0.91 (longs dominate)

Global short-term long-short ratio: 51.8% long, 48.3% short

Funding rate: 0.01~0.0458%

Strong bullish sentiment

Total contract amount: 347.7 billion US dollars (+6.42%)

Greed index: 76

Turnover: 26%

Overall, BTC broke through key resistance, ETH spot ETF news came out, only one major resistance left, and it is expected to set a new high. Long-term bullish, low entry opportunities are rare. Macro data still needs to be observed, and positions are cautious.

Overall, BTC broke through key resistance, ETH spot ETF news came out, only one major resistance left, and it is expected to set a new high. Long-term bullish, low entry opportunities are rare. Macro data still needs to be observed, and positions are cautious.