Preface: Investment involves risks, please proceed with caution.

Article review takes time, and there may be delays in publication. The article is for reference only, and your readership is welcome!

Time of writing: 15:02, June 4th, Beijing time

Market Information

1. Glassnode: The number of active Bitcoin addresses has dropped to a 5-year low.
2. The cumulative net inflow of the US Bitcoin spot ETF exceeds $13.9 billion, while GBTC has a net outflow of over $17.9 billion.
3. Coinbase reinvests $25 million in the cryptocurrency super PAC Fairshake.
4. In the first full month after the Bitcoin halving, Bitfarms' mining revenue decreased by 45% to $7 million.
5. Founder of Tianqiao Capital: It is irrational and arrogant for Biden and Warren to underestimate the voting power of cryptocurrency supporters.

Market Review

Yesterday, we expected the market to continue to decline, but before the decline, it needed to test the short-term resistance. The resistance level for Bitcoin was near 70,000, and Bitcoin's rally reached that level, with a high of 70,338, failing to break the short-term high of 70,687. Subsequently, it started to decline with an upper shadow, reaching a low of 68,663, a drop of nearly $2,000. Yesterday, it was already suggested to position near 70,000, and those who entered the market currently have a profit of over $1,000. They can consider holding to break even and continue to hold. Ethereum also rallied alongside Bitcoin, reaching a high of 3,852, but did not reach near 9,320. It then followed Bitcoin in a retracement, indicating that Ethereum longs are weak, lacking momentum in the rally. If you missed the entry for Ethereum, there is still room for decline in the spot market, so you can continue to hold short positions.

Market Analysis

BTC:

Looking at the 4-hour chart, Bitcoin's rebound reached the vicinity of the resistance level and then fell with a long shadow, indicating effective resistance. The overall trend of Bitcoin is still a high-level continued oscillation. It is necessary to pay attention to the breakthrough of the high point at 70,687 and the low point at 66,670. After testing the high point yesterday without breaking through, the spot market is likely to start testing the short-term low point. The short positions near 70,000 yesterday currently have a profit of 1,000 points. There is still some room for decline in the spot market. The expected decline range is 68,050-67,500. After reaching this range, it is necessary to pay attention to the breakthrough of the short-term low point at 66,670. If it breaks through, the market will move towards around 65,100. For spot trading, continue to hold short positions with break-even stops from yesterday, first target the range of 68,050-67,500, and then decide on profits upon reaching it. Then, pay attention to the breakthrough of 66,670 and decide on entry opportunities. For short-term trading, control risks and manage profits and losses on your own.

ETH:

Looking at the 4-hour chart, Ethereum's trend is basically a small-scale oscillation without major fluctuations. However, if Bitcoin continues to decline, Ethereum will also follow suit. In the short term, Ethereum is in a small range oscillation. Pay attention to the low point near 3,700. Watch whether Ethereum can effectively decline to this level. If it breaks through, it will move towards around 3,540. For spot trading, consider light positioning near 3,800, with the high point from last night as the stop loss. First target is to look at 3,700, and if it breaks through, consider holding and decide on entry opportunities. For short-term trading, control risks and manage profits and losses on your own.

In summary:

There is still room for decline in the spot market for Bitcoin and Ethereum. Take measures to continue holding short positions.

The article is time-sensitive, pay attention to the risks, the above is only personal advice, for reference only!

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