After the market fluctuated around 27,000 for several days, it started to rebound again early this morning. The strength of the rebound was beyond the hero's expectations, and it drew a wicket directly upward. This rebound is very similar to the previous rebound after the bankruptcy of Silicon Valley Bank in March. First Republic Bank's first-quarter performance deteriorated significantly, triggering market concerns about the possible continuation of the banking crisis, which directly caused its stock to plummet by 50%. Banking stocks began to fall, and some safe-haven funds entered BTC.
Whether this event-driven rise can be sustained remains to be seen, but from the perspective of the entire market and technology, BTC's rebound has touched the daily MA30, and Ethereum is weakly linked. The overall cottage market is also mostly in a linked rebound, and some new projects have rebounded strongly. What needs to be considered now is whether the market rebound can be sustained.
I have mentioned many times before that this year's market is dominated by wide fluctuations, and big cakes and cottages are in a relatively differentiated stage. Hot market projects have been launched one after another, and popular tracks continue to switch. The speed of change is extremely fast, and the difficulty of operation continues to increase. The reason is that the market has gradually matured after so many years of development, the people participating in the market are becoming more and more professional, the market is becoming more and more game-like, and the market conditions are often unexpected. At this stage, I believe that projects with greater potential in the future still belong to the L2 sector. With the hype expected for the Ethereum Cancun upgrade in the future, the narrative about L2 will continue, ARB, DYDX, RDNT, and the leader of the NFT trading platform BLUR
After a rapid correction from the daily top divergence, Bitcoin stabilized at 27,000. There is currently a trend of moving upward. As for whether it is a rebound or a reversal, we are waiting for Bitcoin to stabilize near the daily MA30. It is still a point of view that Bitcoin above 30,000 is the bottom range of 21 years of volatility. Every step above 30,000 will increase the risk. Last night, affected by the plunge of U.S. bank stocks again, the market poured into safe-haven funds. Now, it is a range of oscillations. To be honest, it is quite torturous. Whether it is rising or falling, the sustainability is not strong. The market is playing back and forth. It is particularly easy to make mistakes after frequent operations. The overall thinking is mainly spot. Support level: 27,000 Pressure level: 30,000
Compared with Bitcoin, Ethereum's rebound is slightly weaker. The current rebound has touched the daily MA30. Pay attention to whether it can break through and stabilize above 1900. For now, it is temporarily based on the rebound. Support level: 1850 Resistance level: 1920
