Market Analysis 5.28
Good morning, brothers. BTC broke through $70,000 last night.
While some brothers shouted that the bull market was coming and went long,
it fell back this morning.
Why did this happen? Three reasons
(1) The coins in Mentougou started to move.
More than 8,000 BTC worth $500 million were withdrawn from the Mentougou wallet to an unknown wallet.
Is the black swan really coming?
Billions of dollars worth of BTC will be compensated before October this year, which is terrible.
(2) $70,000 is only a stone's throw away from the high of $72,000.
There are a lot of locked-in shares above, including those from March to April this year and those from 21 years ago.
After experiencing the panic of the plunge, it has finally recovered, and the locked-in shares will definitely be released.
As long as it reaches this position, it will be easily smashed down.
So, if there is no super positive news, it will be difficult to break 70,000.
BTC at this price has also lost its appeal.
It is better to buy ETH than BTC at present. ETH at least has positive news.
(3) Before the release of the US PCE data for April on Friday night,
big funds dare not act rashly.
They are all waiting for the PCE data. If the data is lower than expected, they will buy in.
Therefore, before Friday, the market is likely to fluctuate.
According to previous rules, it is more likely to fall before the data is released.
The bull market has lasted from October last year to now, and the fish body stage has passed.
Now is the tail stage, operation is more difficult
Good trend, it rose well last night, a black swan will turn bearish
Currently recommend to reduce the position to 50% during the rebound
Value coin spot keeps a part of the position for long-term
If ETH falls sharply, remember to buy the bottom, there are still positives
