Is it time for BTC to take off!?

James's BTC long position has been completely closed, with a cumulative loss of 36.03 million dollars this round, haha, making money in the crypto circle and spending in the crypto circle, both wanting to take back home.

The divergence at the five-day and weekly levels still exists, and the current weekly divergence basically has no possibility of resolution. There may be a short-term oversold rebound demand at the daily level, with structural support around 103,000.

From the funding perspective: On May 29, the net outflow of Bitcoin spot ETF was 359 million dollars, marking the first net outflow in ten trading days; the net inflow of Ethereum spot ETF was 91.92 million dollars, a rare reversal of ETH against BTC; the minutes from the May monetary policy meeting showed that the Federal Reserve is cautious about interest rate cuts, with dollar liquidity tightening, which may suppress BTC in the short term. However, today it was reported that Trump met with Powell at the White House, perhaps some consensus will be reached? Today's PCE data has been released, and currently traders are keeping interest rate cut expectations in September, perhaps it will continue to fluctuate down for two months to around 98,000?

Whale addresses have shown small increases around 105,000 dollars, but the net inflow of exchanges remains high (averaging over 2,000 BTC daily), indicating some investors' willingness to sell at a high.

From a technical perspective: the current minor resistance levels are around 106,900 and 107,400, while the major resistance level is around 109,800; I predict two scenarios for tonight's movement: the first is to look for daily support levels downwards (30-day EMA at 103,600 and the lower boundary of the previous range at 102,600); the second is around the previous resistance level of 107,000 (position of support and resistance swapped) or around 109,800 (downward trend resistance line, forming a daily triangle pattern for fluctuation);

Tonight, the US stock market opened lower and moved lower, which is not good for Bitcoin; long positions should be cautious of risks.

Let's see BTC's performance tonight~~~~