There are several key reasons why Bitcoin surged by thousands of dollars today.
1. The Wisconsin Investment Committee of the United States decided to invest 142 million US dollars in Bitcoin investment. This news boosted the market's investment enthusiasm, and a large number of investors poured into the Bitcoin network that day!
2. Slovak Prime Minister Fico was shot today. The international situation is complicated, which increases the panic in the investment market and the risk aversion sentiment increases.
3. The U.S. CPI annual rate for the fourth quarter released today was 3.4%, and the core CPI monthly rate fell to 0.3%, the lowest since December last year. The release of this CPI data has increased the market's confidence in the Fed's expectations of interest rate cuts in September and December, and the Fed's expectations of interest rate cuts are the biggest booster for the investment market!
The good news gave the market an opportunity to rebound quickly, but when investing, we also need to refer to the technical and fundamental aspects. Next, I will analyze the market from a technical perspective.
Although today's surge has increased our enthusiasm for the market, we have seen from the weekly level that Bitcoin has already gone out of the death cross pattern, and the overall trend is currently a volatile pattern. In addition, the daily Bitcoin line has now reached a previous high point, which is the current first pressure position of 65550. Since the pressure position has been touched, we must observe whether it can break through. If it cannot break through, we must pay attention to the risk of callbacks.
Due to the current investment enthusiasm, the pressure position of 65550 is actually not so unbreakable. Looking up, there is a very important position not far from 65550, that is 67220. This position has experienced many shocks before and has gathered a lot of trapped shares. This is also the key position of Fibonacci 0.786, and it is also the 5MA pressure point of the weekly rebound. Based on the principle of resonance, the pressure here is greater, so you must observe this point for short-term rebounds!
The views in this article are personal analysis and do not constitute investment advice. If you have different opinions, please leave them in the comment section and we can discuss them rationally together!
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