The last day of the weekend was quite fulfilling; I almost relaxed the entire day. Today's homework wasn't difficult, although there was a slight fluctuation, but that's normal on weekends. The main focus is still on the market trends after the U.S. stock market opens on Monday night. However, there isn't much important data coming out next week; the market will still be dominated by Trump's tariffs and the U.S. economy.
The tariffs are pretty much settled; how they will be implemented is gradually losing the market's patience because economic issues are pressing. After next week, the GDP for the first quarter of 2025 will be announced. Once this data is released, it will basically provide guidance on whether a trading recession will occur. However, the current outlook for the U.S. economy is not optimistic, and there aren't many options left for Trump at this point.
Additionally, starting next week, it will be a busy earnings season, especially for the "Seven Sisters" of U.S. stocks, with TSLA and Alphabet reporting after hours on Tuesday and Thursday, respectively, which may have some impact on the market. A week later, the other four companies, excluding NVDA, will also announce their earnings, along with $MSTR and $COIN, and of course, the GDP.
Next week will still be somewhat relaxed, but the following week will increase in difficulty.
Looking at Bitcoin's data, the last day of the weekend not only had low traffic but also recorded the lowest turnover in recent years. Only 16,000 $BTC changed addresses on-chain within 24 hours, a figure even lower than during the most bearish period at the end of 2022 when BTC was around $17,000, while now it is about $85,000.
Of course, this doesn't mean the current market is as bearish as it was back then; rather, it indicates that the current price has completely lost trading interest for most investors, with neither buying nor selling interest. Those with free time can check the pinned tweet, which contains data on BTC's open contracts from the past week, and it is also extremely low.
This shows that even including contract investors, there is uncertainty about the next directional choice, leading to a preference for waiting and observing. The support level remains unchanged, with more and more investors accumulating around the $83,000 midpoint, while the highest concentration of chips is still between $93,000 and $98,000. As long as investors at these two levels do not panic and exit, BTC will not face significant pressure.
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