The US dollar index DXY continued to fall. Since the news of no more interest rate hikes this year came out, the US dollar index has fallen nearly 5 points in a row. Compared with the 6 consecutive positive weekly lines of Bitcoin, the US dollar index has gone through 5 consecutive negative weekly lines. This is also one of the important reasons why Bitcoin can continue to strengthen. However, from the perspective of the financial market, the US dollar index should have reached the bottom and rebounded, so relatively speaking, the US stock index and the corresponding risky assets should also be in the stage of adjustment.
Yesterday, the SEC once again postponed the filing of spot ETFs of two institutions. It is worth noting that this postponement was made in advance, that is, the announcement was issued before the point where a resolution must be made. I think this is also the SEC clearing the nodes within this year and pushing all the nodes to next year. Therefore, the probability of ETF landing this year should be very small or even no chance. So on the other hand, there should be no big drop this year.
The market value of U has exceeded 89 billion US dollars, setting a new record. In the past week, it should have issued 2 billion US dollars continuously. It can be seen that the market demand for stablecoins is very high. From the supply and demand relationship, it can also be seen that there is a bit of a bull market now. Of course, the main demand for U should still be in Asia.
Next, let’s talk about the market. It is really unexpectedly strong. Bitcoin rebounded after falling 1,000 points from 37,800. The highest decline was no more than 3%, and the key middle track (MA20) line once again became the support level for two bottoming out. Now the market has been moving upward along the middle track, but it has failed to break through each time. Combined with the 6 consecutive positive weekly lines, a rare trend in history, even if it does not close in the negative this week, it will close in the negative sooner or later next week. Although the current supply and demand relationship of Bitcoin is very unbalanced, it is impossible for a financial market to continue to rise, so I think it is better to miss the opportunity. Now is definitely not a good time to increase positions.
The two cakes continue to move in tandem, and I believe that they can still reach a new high this year. Perhaps we don’t know which occasional decline will activate the strength of the two cakes.
Small coins are still very active now, and the current opportunities may focus on small coins. If the big bitcoin is expected to reach 40,000 or even more, then the increase of more than 10% may be reflected in small coins. 50%. The more people pay attention to something, the worse the final result will be, so just take a look, don't take it too seriously.
