May 13, 2023 Review

Yesterday, Bitcoin dropped sharply after reaching around 105,800, ultimately failing to break out of the range upwards, with a low of around 100,700 at night. The upward breakout in the afternoon was mainly due to both parties announcing a temporary halt on tariff increases, with a 90-day negotiation period. This exceeded market expectations. After the news was released, gold quickly plummeted, while Hong Kong and US stocks surged significantly. Bitcoin also briefly broke upwards in response. Here, if the short-term tariff news is fully priced in, then what remains is the expectation of interest rate cuts.

From a 4-hour perspective, Bitcoin has broken the previous balance between 102,000 and 105,000, and the current 4-hour MACD is returning to the zero axis; it is currently in a correction trend. First, we look for support at the 100,000 level below, and if that support does not hold, then we will look at the 20-day line near 98,000.