The much-anticipated Bitcoin White House Summit has concluded
The focus of this summit is mainly on the following contents:
Trump promised to establish a cryptocurrency committee, ending the ban on cryptocurrency action 2.0, which is the previous government's "de-banking" strategy against cryptocurrency enterprises,
Obtaining special treatment on the US government's balance sheet is in line with the executive order signed by President Trump on March 6. The executive order establishes a strategic reserve of Bitcoin to ensure long-term holding of Bitcoin, allowing the Treasury Department to seek ways to increase holdings of Bitcoin without further burdening taxpayers.
The White House summit clarified the regulatory framework, which will help determine the direction of the long-term development of the digital currency market industry, promote market legalization, establish a clearer position for the cryptocurrency market in the financial system, and establish strategic reserves. As a global economic power, the United States' policy attitude towards Bitcoin will have important demonstrative and guiding effects on other countries worldwide. Other countries may accelerate the formulation of their own cryptocurrency policies, which is a long-term positive development.
But it is clear that the government will not make large-scale purchases. Instead, it will use the previously confiscated 200,000 bitcoins as a strategic reserve. What the market wants is the actual inflow of 1 million bitcoins from the old U.S. strategic reserve. However, not a penny has been bought in the short term, which creates a gap with what the market desires, leading to the withdrawal of some short-term funds from the market, which is considered a short-term bearish signal.
Operation train of thought
Currently, the market price is 86000 points, and the daily level has failed to break through the key resistance level of 95000 points, which is a dense chip area. The overall trend is weak with downward space. The 4-hour level has not stopped falling, and the selling pressure is relatively severe, showing a weak trend. The hourly level has also not stopped falling.
Support level 85000-81500-78000-75000
Support levels 89000-91500-95000
Operation train of thought
Currently, there is a high possibility of further decline in the overall market, and the bottom has not been seen yet, indicating downward space. The focus for contracts is mainly on short positions. Wait for the signal to stop falling or the support level to operate in the short-term long positions, and continue to hold some positions in the long-term spot market. Currently, it is not suitable to heavily hold spot positions. Specific operation points and strategies will be announced.