Fundamentals:
FTX's main repayment will begin on May 30, with total allocated funds exceeding $5 billion. As FTX needs to sell assets to raise compensation funds, it may exert selling pressure on the market in the short term; the mid-term impact may increase market liquidity as compensation funds return to the market; in the long term, it will help restore investor confidence in the cryptocurrency market.
Hackers have had access to Coinbase customer data since January this year, and Coinbase expects the data breach to result in losses of up to $400 million.
Federal Reserve's Barr: Supply chain disruptions related to tariffs may lead to slower economic growth and rising inflation.
Technical Analysis:
BTC: The overall daily trend remains in a fluctuating upward channel, currently in the adjustment phase after the third stage of the rise, with prices near the densely traded area around historical highs. It is noteworthy that recently, Bitcoin has been fluctuating at high levels while altcoins have collectively corrected by about 20%. This combination of signals indicates a decrease in market risk appetite, with funds flowing back from altcoins to BTC for safety. If this sideways movement lasts too long and the trading volume is weak, it may easily form a top signal. On the 4-hour chart, there was a rebound near Tuesday's low yesterday, and the market is fluctuating in the 105-101 range. If it breaks, it will establish a new direction; if it does not break, we should not overly speculate on the direction of price movements and wait for the market to choose its direction. For intraday operations, pay close attention to the resistance at the 1048-1058 level above and the support at the 1015-1005 level below!
ETH: The half-year line (purple line) above is clearly suppressing the price, with a high point followed by a pullback the previous day, and yesterday continued to test the daily 7-day moving average support for a rebound. Currently, the K-line is above the moving average support level, and the overall upward momentum has entered a rounded top state, with the daily trend awaiting a phase of adjustment. On the 4-hour chart, after a recent new high, the overall trend shows a slight downward trend with small fluctuations, and the rebound highs are gradually decreasing. For intraday operations, pay close attention to the resistance at the 2600-2640 level above and the support at the 2510-2480 level below.
Altcoins: This week, altcoins have collectively entered a correction phase, with some healthy altcoins correcting by about 20%, which is a normal adjustment. However, some weaker altcoins have corrected by over 30%, and these altcoins will not be considered when the next buying opportunity arises. Currently, there are no buying signals for altcoins during this correction, so we will continue to wait for clearer opportunities!
In summary: Yesterday, it was clearly mentioned to pay attention to the support at the 1015 level for Bitcoin, which dipped to a low of 1013 yesterday. For Ethereum, the support at the 2480 level was noted, with a low of 2476 yesterday, and the overall trend is basically in line with expectations. For intraday operations, focus on the analysis provided above; the current bearish outlook can only be seen as a tentative operation, aiming for a small gain while managing risk appropriately!
The cryptocurrency market is highly volatile; proceed with caution. This is a personal opinion and not advice, for reference only.
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