BTC: Is the bull here or the wolf?
After experiencing a double bottom probing at the beginning of the week, relying on the strong support at 93,000, Bitcoin moved upward. On Tuesday, the bulls erupted, breaking through 95,000 and stabilizing, laying a solid foundation for the subsequent upward movement to break the 100,000 mark; following favorable fundamental news, Bitcoin broke above the 100,000 mark and showed strong continuation, reaching a recent high of 104,373, with a bright outlook. Ethereum maintained a fluctuating adjustment in the first half of the week, then followed Bitcoin to continue moving upward, reaching a recent high of 2,490, followed by a pullback. As the weekend approached, both sides entered a weak pattern, maintaining high-level fluctuations.
Overall, since April, Bitcoin has formed a fluctuating upward structure, accompanied by continuous support rising, making the upward pace increasingly stable. The continuous breakthroughs in coin prices have welcomed a small bull market in the crypto market, breaking free from the previous downward channel's constraints. After breaking the 100,000 mark, there is a trend to seek historical highs; we shall see, and the future looks promising. In the larger cycle, the key resistance is still at 110,000, while the key support is at 95,000. If this line can hold, it will guarantee the subsequent bull market.
Fundamentally, the focus remains on tax issues, interest rate cuts, and regulatory matters. From the recent signals released, negotiations on tax issues between major countries have begun, easing the tense situation. Interest rate cuts are accompanied by the recent resolution's implementation; the expectations for delays and reduced frequency have already become an open-book exam. The anticipated interest rate cut in June still raises a question mark, and instead of expecting, it is better to wait for it to arrive as scheduled. Regarding regulatory matters, the focus is mainly on domestic and international regulations concerning cryptocurrencies and reserve changes. With most regulations being relaxed and reserves increasing, the favorable outlook remains evident.
In the larger cycle, Bitcoin still looks first at 110,000; Ethereum focuses on 2,800.
