May 29, 2024

Yesterday, the market reacted negatively to the large amount of BTC transferred from Mt.Gox, triggering concerns and selling pressure. BTC fell to $67,277.91, holding the core support level of $67,390.29, and technical indicators showed high pressure.

Net outflows of about $11.23 billion yesterday. The price rebounded to the previous support level near $68,334.41, but it is still controversial. The core support level weakened slightly, and the overall data showed a bearish trend shift.

Technical analysis shows that MACD divergence is about to appear. If BTC falls to the $67,390.29 area and fails to recover above $68,334.41, bearish pressure may increase, forming a MACD divergence tomorrow or the day after tomorrow.

Key support $67,143.91.

10% of the daily indicators are bullish and 90% are bearish.

The long-short ratio is 1.73, which is slightly bearish.

Funding rates are 0.01-0.049%, showing high bullish sentiment.

Futures open interest totals $347.8 billion, up 0.06% from yesterday.

Greed index is 72, with a turnover rate of 17%.

Overall, BTC is under pressure due to concerns about the trend of Mt.Gox BTC and the upcoming MACD divergence. Short-term uncertainty is high, so cautious trading is recommended. The long-term trend remains bullish, but short-term technicals suggest a possible pullback.

On the macro side, Fed officials including Kashkari hinted at the possibility of further rate hikes, but still expect a rate cut in 2024. ECB officials expect 2-3 rate cuts in 2024. Please pay attention to macro data and central bank statements for more insights.