Sugar daily market analysis:

BTC is still in a medium-term bullish shock and may pull back to $65,000 ($64,800-62,500). Yesterday, BTC pulled back to $65,441, close to this support area. (Yesterday's area of ​​​​around 65,200 was also in line with expectations)

Current status: This morning, BTC fluctuated between the support level of $65,000 and the resistance level of $67,600.

Key support level: 64,800-62,500

Key resistance level: 72,500

Current price range: BTC is expected to fluctuate between $65,100 and $67,600 in the short term, and the resistance level is $67,613, which may limit the upward trend.

Daily indicators: 60% bullish, 40% bearish.

Long-short ratio: 1.37, slightly bullish advantage

Market sentiment: Long positions account for 48.5%, short positions account for 51.5%, slightly bearish, alternating frequently

Downside risk: A break below the $64,800 to $62,500 support range could open the way to the $60,000 level, but the range currently appears limited.

Upside potential: The continued momentum above $65,000 makes it possible for BTC to break through to $72,500, opening up further upside potential.

News: At 21:30 (UTC+ 8) last night, the first ETH ETF began trading, with trading volume exceeding $10 billion, with Grayscale accounting for nearly half and BlackRock accounting for 24%. However, the initial impact on the market was not as great as expected.

The first-day trading volume was only 23% of the BTC ETF. The current net outflows of these ETFs need to be watched to understand the future impact on the market