Last night, BTC broke through $70,000.
While some brothers shouted that the bull market was coming and went long,
it fell back this morning.
Why did this happen? Three reasons
(1) The coins in Mentougou started to move
More than 8,000 BTC worth $500 million were withdrawn from the Mentougou wallet to an unknown wallet
Is the black swan really coming?
Billions of dollars’ worth of BTC will be compensated before October this year, which is very scary.
(2) $70,000 is only a stone’s throw away from the high point of $72,000.
There are a lot of locked-in shares above, including those from March to April this year and those from 21 years ago.
After experiencing the panic of the plunge, it has finally recovered, and the locked-in shares will definitely be released.
As long as it reaches this position, it will be easily smashed down.
So, if there is no super positive news, it will be difficult to break 70,000.
BTC at this price has also lost its appeal.
It is better to buy ETH than BTC at present. ETH at least has positive news.
(3) Before the release of the US PCE data for April on Friday night,
big funds dare not act rashly.
They are all waiting for the PCE data. If the data is lower than expected, they will buy in.
Therefore, before Friday, the market is likely to fluctuate.
According to past rules, it is more likely to fall before the data is released.
The bull market has lasted from October last year to now, and the fish body stage has passed.
Now it is the fish tail stage, and it is more difficult to operate.
It is a good trend. It rose well last night. If a black swan comes, it will turn short.
Currently, it is recommended to reduce the position to 50% during the rebound
Retain a portion of the long-term position in the value currency spot
If ETH falls sharply, remember to buy the bottom, there are still positive factors
