đȘ· Market Analysis:
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- Market volume is currently low, indicating potentially less profitable trading compared to November-March.
- New traders should exercise caution and avoid overtrading.
đȘ· Cryptocurrency Trends:
- Positive ETF inflows were observed yesterday, with Bitcoin being the only cryptocurrency to experience an increase.
- Initial jobless claims data suggests increased unemployment, potentially beneficial for crypto due to possible decreased inflation and interest rates.
- However, recent Bitcoin trend has been downward, with momentum yet to reach desired levels for a bullish breakout.
đȘ· Bitcoin Analysis:
- Bitcoin's major support level stands at $60,000-$60,800, with a break above $62,000 necessary for a more bullish short-term outlook.
- Traders should closely monitor Bitcoin's potential breakout level at $62,000, as it could signal a bullish market.
đȘ· Altcoin Performance:
- Ethereum, Ripple, Polkadot, and select meme coins like Pepe and Ladies are holding up relatively well amidst market fluctuations.
đȘ· Trading Recommendations:
- Given the mixed news and high market risk, it's crucial to preserve capital and trade cautiously.
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