In the evening, due to news impact, Bitcoin and Ethereum faced setbacks during the upward journey, with the market quickly retracing. A major liquidation occurred, with nearly $156 million liquidated across the network in the last hour, including $44.16 million in BTC and $14.22 million in ETH.
Whale trader James Wynn, who opened a 40x long position, stated that he would not close the position and will continue to buy. The market may experience some short-term support due to increased positions.
On the Ethereum side, it broke below the key support level of 2500. If it can return above 2600 this evening, the upward trend will not be significantly affected. However, if the market continues to decline, the recent streak of rising days will end, and the trend will reverse downward.
Due to Memorial Day holiday, U.S. stocks will be closed on May 26 (next Monday), and on the same day, the UK stock market will also be closed for the Spring Bank Holiday. The next three days, the market will enter a lurking phase, and the specific direction will depend on tonight's trends. U.S. stocks are about to open, so closely monitor the following trends.
