May.7-May.13(BTC)Weekly market recap
U.S. CPI data for April will be released this week, and the market expects that CPI will fall. After weak employment data was released earlier this month, assets rose, and BTC also rebounded sharply at the time of the release. Therefore, if CPI data can further confirm the role of current monetary policy, then the market correction may end.
On the other hand, the first deadlines for ETH spot ETFs are approaching. The SEC is expected to give its final response on May 23. Unlike BTC, we expect that the approval of ETH ETF will be difficult to pass or be postponed to Q3 due to POS mechanism and other factors.
BTC has seen a slight decline over the last week, maintaining above given support levels. Volatility is decreasing. As you can see from the WTA indicator, the blue column disappears again. Trading volume was significantly lower than past averages. The ME indicator continues to maintain the bullish trend, but the wavy area narrows.
To sum up, we believe that BTC will maintain a rise with fluctuation this week. We maintain our original resistance level 74000 and support level 61000.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
On the other hand, the first deadlines for ETH spot ETFs are approaching. The SEC is expected to give its final response on May 23. Unlike BTC, we expect that the approval of ETH ETF will be difficult to pass or be postponed to Q3 due to POS mechanism and other factors.
BTC has seen a slight decline over the last week, maintaining above given support levels. Volatility is decreasing. As you can see from the WTA indicator, the blue column disappears again. Trading volume was significantly lower than past averages. The ME indicator continues to maintain the bullish trend, but the wavy area narrows.
To sum up, we believe that BTC will maintain a rise with fluctuation this week. We maintain our original resistance level 74000 and support level 61000.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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