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The current BTC price is around 94000, and the chip distribution shows that the chips in this area are sparse, making it easy to form a breakthrough. Combining the hammer line and pregnancy line signals of the K-line shape, it indicates that the bullish and bearish forces are sawing, and the support of 94000 below is particularly crucial. If it falls below, the price may quickly drop to 9350.
In addition, RSI broke through the upward trend line, coupled with a trading volume contraction of over 38%, indicating strong demand for reversal. Enter the live broadcast room and accurately capture the support resistance level! Get a sneak peek at Duokong Boben and click to enter the live broadcast room!
In today's market news, two cryptocurrency bills in Florida (HB487 and SB550) were indefinitely shelved and withdrawn on May 3rd. These two bills were originally planned to allow the state to invest up to 10% of its state funds in Bitcoin, but were not passed at the end of the legislative session on May 2nd. At present, similar bills in several US states, including Wyoming and South Dakota, have not been successfully passed through the legislative process, which is also a breakthrough obstacle for BTC.
Last Friday, as expected, investors in BTC spot ETFs continued their buying trend. After all, the price has risen well, and as we all know for such a long time, even ETF investors have been chasing the rise and killing the fall. When the price rises, they buy in large quantities, and when it falls, some investors panic and sell. Investors in BlackRock are like this, let alone other institutions.
However, what's amazing about Friday is that none of the spot ETF institutions had a net outflow, either zero or net inflow. BlackRock's investors all received over 6000 BTC, which is the 14th consecutive working day of continued buying. The other three institutions only bought in triple digits, which is not worth mentioning. BlackRock's investors are still very loyal.
Although the purchasing power is good, the net purchasing power of US investors in week 68 has decreased by about 40% compared to week 67. Investors' FOMO sentiment has clearly fallen, and although there is no bearish sentiment, prices may temporarily remain volatile.
Operation suggestion:
BTC 93800 long. First target: 95000. Second target: 95550
ETH 1780, first goal to see 1830, second goal to see 1870
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Disclaimer: The above content only represents the author's personal opinion and is for communication and sharing purposes only. It does not represent AICoin's position or viewpoint and does not constitute any investment advice. Based on this investment, there may be external contacts, which have nothing to do with AICoin, and the consequences shall be borne by oneself.
