Yesterday's news was cruel to short-term traders. In such a short period of time, regardless of whether they were short-selling or chasing long, the losses would be huge. But for people who can understand the market, it has no impact at all. No matter how good the news is for the market, the market cannot rise a lot at once. After all, where is the market value of Bitcoin? News needs to be digested, and trending market conditions also need time to brew.
There are three types of market trends: rising, falling, and oscillating. Most of the time, they are oscillating, and trending market trends are very short-lived. The possibility of Bitcoin going unilateral is too small, and it’s hard to talk about valueless altcoins.
The more critical the time is, the more cautious you should be. If you make a mistake, the opportunity you have waited for several years will pass you by, and you will only be upset. Judging from the trend of the market, the daily line released a huge volume yesterday, but did not break through the upper pressure level, which shows that the pressure from above is very large. The daily line did not fall some time ago, which shows that the support below is very strong, and the failure to rise shows that the pressure from above is very large. Between this support and pressure, the competition between long and short is fierce, but no one can do anything to anyone, so the next trend is likely to fluctuate in this range.
Yesterday I said that as long as the BTC daily line can stand above 28,000, the rebound will have a chance to return, and the short-term market has returned to the bullish stage. Everyone should actively plan and participate in transactions for the next market. The support below is 27,700 and 26,500, and the resistance above is 30,000.
U.S. stocks closed higher across the board, the U.S. dollar index fell, and FOMC voting members continued to send dovish signals, reiterating that the Federal Reserve is unlikely to raise interest rates further, and that inflation is expected to weaken and the probability of a rate hike will decrease.
Today's market hot spots:
1. Cointelegraph reported false news about SEC approving BlackRock’s Bitcoin spot ETF, causing Bitcoin to fluctuate violently by more than 10%
2. ARK Invest CEO said that he expects multiple spot Bitcoin ETFs to be approved by the end of this year or early next year
3. GBTC negative premium narrowed to the lowest level since 2021
4.$DOCK official Twitter hinted that BN might release news related to it and started to rise
5. $STRAX announces details of 1:1 token split
6. $DYDX - Testnet 4 launched this week
ETH: After the release of the fake news yesterday, ether actually did not rise much, but was held down by the air force again. It has become a fact that it has broken through the rising channel, but the probability of simply pulling back to the original channel through good news is too small. The upper pressure level of 1600 will still fall here, after all, the top of the cake has been reached recently.
ARB: Do not intervene unless there is a new low. I remind you again that the market value is too high and there is no need for speculation. The overall situation is very weak.
OP: The market is oscillating downward and it is not recommended to intervene.
LINK: The overall market is volatile, with short and long positions within the box, and there is a high possibility of downward volatility in the short term.
$VGX, current price is 0.12. BitMEX exchange is preparing to acquire vgx. There is speculation expectation. You can intervene in the event of a slight correction and make some short-term profits.
$HOOK is currently priced at 0.7760, breaking through the falling wedge, bullish rebound, and can be bought at the pullback point
$TOMO is currently priced at 1.4739. The recent name change is good news. You can buy it if it falls back a little.
The copycat operation usually sets a stop loss of 5 points after buying, and the stop profit space is set to more than 10% by default.
It’s only a matter of time before BlackRock’s Bitcoin ETF passes!
2025 target: 300,000+
Although the negative impact of last night's fake news was huge, it also served as an experiment for everyone. The experiment showed that under the current market conditions, everyone's belief focus has shifted from#BTCitself to #SEC.
There is no doubt that once it is passed, it will bring about a huge market trend.
The SEC knew they couldn’t reject BlackRock’s application, so they just kept delaying it.
It will eventually be approved, for the following reasons:
1/ BlackRock’s ETF approval rate is 99.8%, with only one ETF rejected so far!
2/During the 2008 financial crisis, the Federal Reserve and the US government asked BlackRock to develop a plan to deal with the crisis. The government has a high degree of trust in the world's largest asset management company.
3/BlackRock CEO changed his attitude and said that Bitcoin is digital gold and a good investment diversification alternative.
4/BlackRock has launched a private Bitcoin ETF for institutional investors.
5/Bitcoin spot ETFs already exist in Europe and Canada.
6/The last reason: Other major large asset management companies including Vanguard and Fidelity have also applied for Bitcoin spot ETFs in this cycle!
Finally, there are still many things that are not written down, such as specific opportunities and specific decisions. These things are often not something that can be summarized in one article.
