Last night, BTC plunged to 63456.7 and rebounded by 4000 points. By the time of writing, it had reached a high of over 67480, breaking through the short position. It is about 1000 points away from the previous high. Ethereum also experienced panic selling yesterday, with the lowest point at 3087, rebounding by 172 points to a high of 3259, as we mentioned, finding support at 3080.
Independent presidential candidate Kennedy of the United States made a speech, expressing hope that the amount of BTC held by the United States would be the same as the size of the US gold reserves. He also stated that he would urge the federal government to prepare as soon as possible. It is worth noting that the US government is the world's largest holder of gold, with 8134 tons of gold. At the current price, the value of gold is 615 billion US dollars. It would require 9.4 million BTC to match this value, which is nearly 45% of the total supply. This is just a short-term positive for gaining votes. It will take a long time, 3-5 years or even longer.
However, the political implications of the Nashville Bitcoin Conference in recent days are becoming apparent. It is important to pay attention to market fluctuations, especially when the founding comrades will speak on the 27th. In my opinion, it will not change the pattern of high-level oscillation for 5 months at most, with some fluctuations at the daily or smaller levels.
Yesterday, the BTC ETF saw an inflow of 31.1 million, while the Ethereum ETF saw an outflow of 152 million. In total, Grayscale saw an outflow of 1.157 billion, and GBTC also saw an outflow of nearly 93.1 million in the past three days. Mt.Gox and FTX compensations have also begun. With the bad news coming to an end, the good news will not be far behind. Hang in there…
BTC On the daily chart, after breaking through the MA60 and MA20 yesterday, it quickly returned in the evening and is currently above the three moving averages. The daily chart shows a bullish engulfing pattern with a strong bullish bias and a widening trumpet mouth. In a bull market, do not talk about the top, and do not short the bull market. There is an opportunity to buy in batches when it retraces to 60600-62300, with the medium to long-term layout opportunity rising to the lower edge of the flag shape at 50000-52000.
On the 4-hour chart, it has formed a converging triangle rebound but has not broken through the 0.786 Fibonacci level and is under pressure. The current rebound at 68474 has also not broken through 0.786, and it is still under pressure from the double negative and positive candles from June 11-13. The spot layout here does not have a high cost performance. News can only temporarily affect the market and cannot reverse the trend, and the founding comrades cannot do so either. Unless it breaks through 73777 and enters at a higher price, the pattern will expand. Do not focus on too small a time frame. Currently, no matter how much it fluctuates, it is still within the range. Breaking out is the real surge…
Support: Resistance:
Ethereum In this round of rebound, the highest point was 3562, which did not break through the 0.618 Fibonacci level and then retraced. The lowest point was 3087, which was a retracement near the support we mentioned at 3080, and the rebound was seen last night, but I still chose not to operate, and instead followed the trend to grasp the big wave. Do not lose the watermelon while picking up the sesame seeds. The rebound of Ethereum last night has not broken through the 0.382 Fibonacci level, indicating a weak rebound. After further retracement to around 2800, you can enter directly on the left side with a stop loss at 2800.
Support: Resistance:
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