Important information in the cryptocurrency circle within 24 hours:
1.SEC postpones decision on Grayscale Ethereum Futures ETF;
2.SEC postpones its decision on ARK Invest and VanEck’s spot Ethereum ETF;
3. Grayscale CEO: Approval of spot Bitcoin ETF will enable BTC to enter the wealth management market worth $30 trillion;
4. The court approved the settlement agreement between Binance and CFTC. CZ will pay $150 million to the CFTC and Binance will pay $2.7 billion to the CFTC.
5.Coinbase opens US dollar transfer service to Singapore users;
6.MetisDAO launches $100 million ecosystem development fund;
7. Circle issues Euro-backed stablecoin EURC on Solana chain;
BTC Market Analysis
Bitcoin rebounded from the bottom last night, with an increase of nearly 7%. The price also returned to around 43,000. The support level of 40,500 below was not broken. We thought yesterday that the price might experience a larger decline and correction, but it did not occur.
Currently, the rebound back to the previous high of 43,500 was blocked by the strong resistance level. Now the price seems to be moving in a range. If it cannot break through in a short period of time, it is very likely to fluctuate in the range.
Like I said yesterday, sideways fluctuations are also a kind of correction, and it is a very strong correction, so high-level fluctuations are a very good trend for bulls!
Let's take a look at the current liquidation map. You can clearly see that because of the price increase, there are a lot of long orders below, and the short orders above have obviously decreased, which is completely the opposite of yesterday's situation when the price was around 4100 below.
Therefore, based on the shape of yesterday's liquidation map and the subsequent price trend to speculate on today's price trend, I think it is difficult to rise directly from the current position.
However, if the price continues to fluctuate at a high level, there will still be great opportunities afterwards, because after the fluctuation begins, the bears will dare to go in and short, and the bulls who have gone long from below are also worried about profit taking and will close their positions to realize profits!
In this case, the bulls will have the motivation to push the price upwards. The rising vehicle will not be too heavy, and by pulling it up they can also reap the shorts!
Bitcoin inscription:
Then about the inscription!
ORDI has not seen much of a surge in recent prices. It can be found that it has now entered a sideways fluctuation at the top. The bottom of $44 has supported the price many times.
However, if a new upward trend is to be started, Bitcoin must rise or stop falling, giving enough time for big players to pull it up. After breaking through the strong resistance level of $70, the price will hopefully continue to soar!
SATS has retraced to the key previous low point during its decline over the past two days, which is a correction in the downward channel. It has now rebounded to the upper side of the channel, showing signs of an imminent breakthrough.
It is conceivable that if Bitcoin rises a little more, it will easily break through this trend line. Now we are just waiting for Bitcoin, so Bitcoin is critical!
There is also RatCoin. Its decline in the past few days has been too large, and the rebound from last night to now is relatively not very strong.
According to my experience, the price is likely to go sideways at the bottom, as shown in the figure, and then go up! I believe the popularity of Bitcoin inscriptions will not fade so quickly!
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