Analysis of the Bitcoin Market on April 8
The release of non-farm data last Friday showed that the U.S. economy was unexpectedly strong, leading investors to reduce bets on the Fed's rate cuts, and the 10-year U.S. Treasury yield has risen to its highest level since the end of November last year. Investors are now turning their attention to Wednesday's Consumer Price Index report, which will determine whether U.S. Treasury yields can stabilize. As for May, there is a high probability that interest rates will continue to remain unchanged.
As Bitcoin's halving is also approaching, this has become the main catalyst for Bitcoin's price appreciation in the short term. Currently, the net inflows of 10 products of spot Bitcoin ETFs are worth more than $12 billion. In contrast, it took nearly a year for gold ETFs to achieve an inflow of $10 billion. Bitcoin's current market value is $1.35 trillion, while the total value of gold is $15.8 trillion. If Bitcoin trades at half the price of gold, its market value will need to increase by about 6 times.
From a technical point of view, the current price of Bitcoin is around 69,300, and there is still a certain room for correction. Long orders can refer to the position of 68,800. The weekly line once again closed with a long lower shadow, which is somewhat similar to the last week's fight pattern. The price of Bitcoin has been closed above the upper track of the Bollinger Band for two consecutive months. The price is expected to rise after a retracement.
The four-hour level currency price is supported by the BBI moving average and has rebounded. The RSI9-day moving average is above 50. The KDJ in the hourly chart forms a golden cross and then spreads upward. The current currency price in the 15-minute chart is under pressure from the MA120 moving average. Based on the above, I personally recommend that long orders are mainly used during the day.
Bitcoin 68,900-68,700 long orders enter the market, the target is 69,800-70,300-72,600-75,000, and the defense is 68,000
Liquidation participants can enter a small number of positions at the current price of 69,300, and the price can be replenished when it goes down to these two positions.
The above is purely personal opinion, please consider it at your own discretion! All posts are delayed and are mainly based on real-time operations. #大盘走势 #非农数据 #BTC大饼减半， $BTC
