Bitcoin broke through the $110,000 mark with great force, and Ethereum also rose to above $2,800.
The core driver of this round of rise comes from the easing of Sino-US trade situation: the United States relaxed some export controls, sending out positive signals, and both sides showed willingness for further consultations.
If news of the cancellation of reciprocal tariffs comes out during tonight's negotiations, it may become a major positive catalyst for the market.
However, the overall trend of altcoins is still weak. Although some currencies have risen slightly, the overall increase is far lower than market expectations, and the market is obviously divided. The market shows that the main force has signs of high-level shipments, and retail investors frequently "take over" in pursuit of rising prices; the main force oscillates at low levels to absorb funds, and the lack of volume has formed a typical "pull-up and ship" trap.
High-quality, low-priced chips have been gradually digested, and the market may enter a long period of shock accumulation in the future, so retail investors need to respond with caution.
BTC
The futures market saw the last wave of short positions yesterday, and the accumulation of short liquidity in the high-level area created the largest liquidation area in the past three months. The structure is quite similar to the market rhythm in early 2024.
Although the funding rate remains positive, it shows that most of the current high-level short orders are high-leverage hedging positions (such as 100x hedging orders), which also explains the phenomenon that the previous three times were close to liquidation but were not actually triggered.
In terms of spot, the $BTC premium level has rebounded, and the price is likely to maintain a volatile pattern. In the process of repeated testing at high levels, there are still local short-selling opportunities in the short term. It is worth noting that the current liquidity on the market is in a state of accumulation, which shows signs of inducing long positions, but "if it should be cleared, there must be something wrong" - if the short positions are not cleared in time, it may indicate that there will be spot selling pressure that will be distributed through the liquidation area, and then the futures longs will take over to stabilize the price and maintain the high-level oscillation structure.
According to the latest Bitcoin price update, Bitcoin continues the three waves of ABC, and the completion of the three waves will be the peak of this bull market.
ETH
Ethereum has been receiving positive news recently, and market sentiment has continued to heat up. Since the foundation completed the change of leadership, the movement has obviously accelerated, and BlackRock's preference for Ethereum has exceeded Bitcoin, which has helped push its price up strongly. Yesterday, ETH once approached the $2,900 mark, and its trend was independent of the market, with outstanding performance.
In this context, investors who shorted Ethereum suffered heavy losses and were frequently forced to liquidate due to local market outbreaks. At present, some large investors have set large stop-loss orders in the range of $3,500-3,800, which seems safe on the surface, but if the SEC approves favorable policies for pledges, or institutional ETFs such as BlackRock build positions and buy in large quantities, these high-level short orders may face great risks.
Obviously, Ethereum's chips have been pre-positioned by foundations, Wall Street, BlackRock and other institutions in the past few months. Current market signs show that they may be brewing a wave of "short squeeze" with the help of short-selling forces. The medium-term trend is still bullish, and the short-term rise and fall are within the normal fluctuation range.
It is worth noting that the situation in the Middle East has heated up again, coupled with the news disturbance related to Trump’s tariff policy, which may trigger a short-term correction in ETH.
From a technical perspective, ETH has a price gap below in the $2605–2653 area, which is also one of the only two important gaps currently remaining. In fact, today's intraday market has once approached the upper $2911 gap, indicating that bulls are still trying to break through key resistance.
Yesterday's CPI data was positive, but 2.2 billion was wiped out overnight, and 105,927 people went bankrupt.
The market first rose and then fell, and those who chased highs were all trapped, especially those who chased Ethereum, because its strength attracted many followers; I chose to take a break to avoid the drastic fluctuations of CPI day and preserve my strength. There is no need to fight a battle with no chance of winning. Isn’t it better to save bullets for later battles that you are sure to win?
The final big news: Brother Sun scored big again! The judicial and academic circles are watching!
On June 3, Justin Sun was invited by Southwest University of Political Science and Law to hold a high-level virtual currency crime bureau! The theme was directly focused on "investigation, prosecution and evidence fixation of virtual currency crimes", and the bigwigs in the judicial community were mobilized collectively!
From on-chain tracking to judicial practice, Justin Sun directly threw out the most hardcore insights in the industry, with dual certification from the judicial circle and the cryptocurrency circle - this man is really awesome!
