Let's talk about the market

1. Macroeconomic Situation

1. This week, there are some important data points to keep an eye on, such as the revised value of the annualized quarterly GDP for the United States in the first quarter and the PCE price index; both are quite critical (four stars). Additionally, the President of the New York Federal Reserve, Williams, will be speaking, and the minutes from the May monetary policy meeting are also worth paying attention to.

2. Speaking of data unlocks this week, cryptocurrencies such as SUI, ZETA, and OP are facing significant unlocks, so everyone should be cautious as prices may drop.

3. Another matter is that the cumulative net inflow of Bitcoin spot ETFs in the U.S. has reached a new high, surpassing $44.4 billion.

4. The 212th Ethereum ACDE meeting has decided that Fusaka Devnet - 0 will go live on May 26.

2. BTC Technical Situation

1. From the weekly perspective, after BTC reached a new high, it formed a spiral candlestick at a high position. Overall, the trend is still bullish, but in the short term, the opinions of bulls and bears may differ. In terms of long-term trends, the weekly level seems to be moving in a channel; theoretically, the potential target for bulls is around 130,000. This week, attention should be paid to the mid-line of the channel. If the price is above the mid-line, it may continue to rise; if below, it might oscillate around the high level.

2. At the daily level, although a bearish engulfing candle appeared, the pullback strength is not significant, and there is no clear large-scale capital outflow. The KD indicator is overbought at a high level, and the MACD divergence has mostly corrected during the pullback.

3. On the 4H chart, a W-bottom pattern has formed; the key is whether the neck line can be broken. If it breaks, it may challenge the previous high, and at that time, one can look for buying opportunities based on the 123 rule during the pullback. If it does not break, it remains in the W-bottom range and one should be aware that a triple bottom or multiple bottoms may form.

4. Previously, there was a consolidation range (101500 - 106000), where there are many chips and strong support. Even if the price pulls back, for those of us buying spot, it is actually a good opportunity to position or increase holdings.