Ethereum Pectra Upgrade on May 7
Interest Rate Meeting on May 8
$BTC Faked Breakout at 97400, 4-hour MACD Shows Top Divergence
This means the short-term rebound trend has ended. The market is expected to first fluctuate for a few days before entering a downward adjustment phase.
The first retracement target is around 93000, and the second target is around 91000.
If the interest rate decision is negative, Bitcoin is likely to experience a significant drop.
If a rate cut signal is released, it could reverse the market trend.
However, a rate cut too quickly may not be a good thing, as it can lead to inflation! I mentioned this in a previous post, you can check out my posts.
From an overall trend perspective, BTC is likely to experience a round of retracement decline starting with 8.
The ETF upgrade is imminent, but market sentiment remains generally fluctuating. The ETF market is merely a capital game among institutions like Grayscale and BlackRock, so don't be swayed by some news.
The market is fluctuating, and the current operational strategy can revolve around "short high and long low."
If BTC rises again above 97700 and ETH is at 1870, it can be seen as a shorting opportunity.
If the price of Bitcoin drops to around 95000 and shows signs of stopping the decline, it presents a good opportunity to set up long positions.
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