Market Update - May 8 Latest Macro Events & Crypto News + $ | 0xelonmoney on Binance Square

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Market Update - May 8
Latest Macro Events & Crypto News + $ES Analysis
Read full article and subscribe my blog - https://elonmoney.substack.com/p/market-update-may-8

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What’s Next for BTC? Since early May, $BTC has been exhibiting a strong recovery trend, with the primary driver remaining a steady inflow of capital into spot ETFs. The latest data shows that between May 13 and May 22, over $3.3 billion flowed into the market via IBIT, FBTC, and ARKB combined, despite isolated outflows from Grayscale. Notably, May 22 saw one of the largest single-day net inflows at $934M, a level that historically coincides with local upside momentum. In addition, the Coinbase Premium remains firmly positive, signaling strong interest from U.S.-based market makers and institutional brokers. This type of “bottom-up” support creates an environment where even pullbacks are seen as opportunities for accumulation. 📊 Technical Structure On the 1H chart, $BTC has confirmed a breakout above key moving averages: - 21EMA, 50EMA, and 200EMA are all trending upward and supporting the move. - The $107.5K level acts as the key weekly VWAP, below which aggressive buying has been observed. - A new value area high (VAH) at $110.2K and continued holding above $110K indicate a forming upper fair value zone. In the near term, holding above $107.5K is critical - if ETF inflows continue and the Coinbase premium holds, we could see another push toward 112–115k by the end of the week. Forecast & Scenarios Base Case: - Price consolidates into a strong value zone above 107–110K. - Next upside target: 115k, followed by 118–120K, where profit-taking may emerge. Alternative Case: - If price dips below 107.5K, key support lies at 105K (dWeek VAL). - A breakdown below that - combined with a pause in ETF inflows, could shift BTC into a range-bound structure. As long as institutional demand is validated by ETF inflows and the Coinbase premium, BTC retains both technical and flow-based support for continued upside. Active defense of the 107–110K zone and a sustained breakout above VAH open the path toward $115K+ in the short term.

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I believe BTC is still far from its top. Looking at the MVRV-Z indicator, it's currently below 3 - historically, a reading of 6–7 has marked cycle tops. So levels around $130K+ are absolutely realistic.

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I like @gizatechxyz’s approach here. Most AI projects in Crypto launch a token with massive FDVs without even a working product. Just a pitchdeck and some promises, going live at often $300-500M FDV. $GIZA is launching with a fully functional product that has already optimized over $33M in assets (agent volume) and deployed over 29,000 agents. That’s a real product-market fit. Launch FDV is only $70M, gives a lot more upside. No unlocks for the team or investors at TGE either. Looking good.

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A confirmed breakout above 99500 opens the path toward 101k, holding above 101k sets the stage for a move toward ATH

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Ethereum Pectra Upgrade - Why It’s a Bullish Catalyst for $ETH The Pectra upgrade is @ethereum's most significant post-Merge upgrade, focusing on scalability, user experience and staking efficiency. Key features include: - Smart Accounts & EIP-7702: Enables externally owned accounts (EOAs) to temporarily act as smart contracts, unlocking gas sponsorship, recurring transactions, and simplified wallet interactions. This improves UX for mainstream adoption. - MaxEB (Maximum Effective Balance) Increase: Validators can now consolidate up to 2,048 ETH (vs. 32 ETH previously), reducing operational overhead and boosting staking efficiency. - Blob Capacity Doubling: Doubles data blobs from 6 to 12 per block, enhancing L2 scalability and reducing transaction costs for rollups like @arbitrum and @Optimism. - Validator UX Improvements: Simplifies staking mechanics, allowing validators to consolidate operations and earn compounded rewards. - Batch Revoking Approvals: Users can revoke multiple token approvals in a single transaction, improving security and reducing friction. Why It’s Bullish for $ETH: - Enhanced Scalability: Doubled blob capacity and L2 optimizations position Ethereum to handle enterprise-grade adoption. - Institutional Staking: MaxEB changes attract large validators, potentially increasing ETH’s staking ratio and reducing liquid supply. - User Growth: Smart accounts and gas abstraction lower barriers for non-crypto natives, driving broader usage. - Market Sentiment: Positioned as Ethereum’s “breakout moment” post-Merge, with upgrades directly addressing historical UX pain points. The upgrade solidifies Ethereum’s dominance in smart contracts while addressing scalability and usability challenges, critical for sustaining its lead against competitors like Solana.

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