Yesterday, the SEC did not appeal the Grayscale case. At the press conference that day, the SEC chairman did not comment on the case. This move was interpreted as further increasing the probability of BTC spot ETF being approved. However, Bitcoin's performance was not as expected. Why is this?
The deep-seated reasons behind the interpretation should still be related to the cycle. Although there are rumors that the Fed’s interest rate hikes are about to end, we have to admit that this is still an era of high interest rates, and this move will last for some time. Against this background, the rise of risky assets is greatly suppressed, which is also the fundamental reason why the current market is difficult to rise.
From a short-term technical perspective, although there has been no new low in the past three days, there has been no substantial increase. In terms of time, there is a high probability that this short-term rebound will not exceed 8 days. Therefore, there is not much time left for the bulls to rebound. If it is short, the rebound will be over in 5 days. Therefore, the probability of a change in the market next week will increase. Today is the weekend, and tomorrow is Monday. Our community's AI analysis tool will also update the weekly AI analysis results tomorrow. Then the weekly pressure of AI next week will become more critical. Generally, it is time for a turning point, but the position has not reached our previous expectations. We must consider the pressure level of the market at that time. The market is changing, and we must be flexible in thinking. With AI as our strong backing, if you have not yet used the AI analysis tool, you can contact Yiming.
Message: Now that you are on the "pirate ship" of life, you must be a happy "pirate".
