May 30, 2024

Yesterday, BTC fell to the core support level of $67,143.91 and fell to as low as $67,124.65. Today, this level provides weak support and is a key battleground between bulls and bears. A break below this level could trigger further downside movement.

Net outflow of $7.9 billion yesterday. The core support level of $67,143.91 was held, but the data continues to weaken. The technical picture currently shows MACD divergence, indicating that if $67,143.91 is broken, further declines are possible.

Early trading data shows that BTC price may fluctuate between $67,143.91 and $69,557.29. In order to ease the MACD divergence, BTC needs to reclaim and maintain above $68,600 for 24 hours. Failure to do so and falling below $67,143.91 could result in a sharp correction.

Core support at $67,143.91 is a key short-term battleground

The long/short ratio is 2.11, indicating a strong bearish bias

The funding rate is 0.0055-0.0198%, indicating a weakening bullish sentiment

Futures open interest totals $347.9 billion

The Greed Index is 73, with a 12% departure rate

Overall, BTC's drop to $67,143.91 weakens its technical stance and confirms the MACD divergence. Watch out for a break below this level, which could trigger a sharp correction. The long-term bullish trend remains, but short-term risks are higher. Consider reducing positions to manage risk.

On the macro front, the Fed's Beige Book shows modest price increases and continued economic expansion, but corporate pessimism is increasing. Market confidence in a September rate cut is stable at around 50% (52.5% today). Stay tuned for more insights from macro data.