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US Stocks Decline Affecting Crypto Market, White House Summit Approaches

Overnight, the three major US stock indices collectively fell, with the Dow Jones down 0.99%, the Nasdaq plunging 2.61%, and the S&P 500 also dropping 1.78%. Major tech stocks were bleak, with Broadcom's stock down over 6%, Tesla and Nvidia both down over 5%, Meta down over 4%, and Amazon down over 3%. As a result, the crypto market saw mixed performance.

Notably, this evening, more than twenty big names, investors, and celebrities in the cryptocurrency field will gather at the White House to attend the cryptocurrency summit. Trump will also attend this summit to strategize for the future development direction of the crypto sector.

Trump's Attitude is Key, Crypto Market's Fate Rides on the Summit

After the digital currency conference, the market's focus will shift to concrete landing strategies, compliance planning processes, and Trump's level of support for the cryptocurrency market, particularly when the US government will incorporate cryptocurrencies into its strategic reserves. Additionally, the process planning for the listing of small coins and the implementation of specific conditions will also be discussed in this round of meetings.

Trump's attitude at this meeting is crucial, as it almost determines the upper limit of Bitcoin's subsequent growth potential. Analyzing from a probability perspective, if Trump clearly states that strategic reserves are on the agenda and may even be implemented this year, it is not impossible for Bitcoin to see a one-day increase of twenty thousand points. However, if Trump adopts a vague strategy and the meeting fails to provide any substantial commitments, then Bitcoin's upward trajectory in the first half of the year may very well come to an end. In fact, the very holding of this conference is a positive signal; judging by the current situation, there is still room for growth in the crypto market, and investors can continue to hold their positions.

Bitcoin and Ethereum Show Signs of Stabilization, Daily Trends Worth Watching

Bitcoin rebounded to the 92759 level yesterday but faced resistance and retraced, hitting a low near 87793 before bouncing back, temporarily alleviating downward pressure. The market is currently in a consolidation phase. From the short-term hourly chart, the price is operating in the upper Bollinger Band area, under pressure and entering a fluctuation mode. Although bullish sentiment is currently weak, there are signs of a rebound after a pullback on the daily level, indicating a potential stabilization in the short term. During the day, investors should focus on the 90000 level and the stabilization and breakout situation in the 92200 - 93500 range.

For Ethereum, the price faced resistance when rebounding to the 2318 level, and after a minimum pullback to 2175 in the evening session, it stopped falling and rebounded, currently trading around 2200, showing an overall bottoming rebound structure. The four-hour level shows that the price fluctuation range is continuously narrowing, indicating it is still operating within a range, with certain support at this price level in the short term. From the hourly level, after a night of fluctuations, the KDJ indicator's three lines are gradually turning upward, and the MACD indicator shows a simultaneous decrease in bearish volume, suggesting that a rebound may occur in the short term.

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