If the US 1.8 trillion “American Family Plan” is implemented, it will encourage a large number of retail investors to enter the market. In addition, the trend of Ethereum is strong. JPMorgan Chase gave three reasons why Ethereum outperformed Bitcoin in the report: First, the liquidity of Ethereum is more flexible; secondly, the spot exchange rate of Ethereum is much higher than that of Bitcoin; transactions on the Ethereum network are active The degree shows the abundance of activities on the chain.
In our previous article, we also believe that Ethereum will become more trending. The more essential reason is that Canada has approved three Ethereum ETFs in a row, and mainstream financial market funds have begun to influx on a large scale; DeFi, etc. are booming, and the Ethereum ecosystem continues to grow. Growth; Ethereum core developers held a meeting and stated that the London upgrade in July will still implement EIP-1559, which will helpETH Achieve deflation.
From the data on the chain,BTCThe number of coin holding addresses dropped. In DeFi, the amount of BTC locked up decreased by 908 BTC. The trading volume of BTCC for the whole day was 201033 (410920 yesterday). The gray-scale GBTC premium rate was -12.1% (-10.0%). In general, BTC The upward selling pressure is relatively large, and the market pessimism is still relatively strong.
From the technical chart, BTC’s upward attack was blocked by MA65, it fell back in the short-term, and MA5 was supported below. Considering the relatively large selling pressure above BTC, the Bitcoin market outlook is expected to further pull back. BTC has a resistance at 55,000 USD above and a support at 51,000 USD below.
Summary
1. If the US 1.8 trillion “American Family Plan” is implemented, it will encourage a large number of retail investors to enter the market. In addition, the trend of Ethereum is strong.
2. According to Ou YiOKExThe market showed that the upside of BTC was blocked by MA65, and it fell back in the short-term. The bottom was supported by MA5. The top selling pressure of BTC was relatively large, and the market outlook is expected to further pull back. BTC has a resistance at 55,000 USD above and a support at 51,000 USD below.
3. From the cumulative data of miner production and sell-off, it can be seen that the miner’s production continued to rise, and the sell-off remained at a certain level. In the past 24 hours, the miners accumulated a net 12 BTC, which indicates that the number of miners started up sharply, and the overall change in miners’ selling pressure has not Big.
4. The number of BTC holding addresses has dropped again, and the amount of BTC locked in DeFi has decreased by 908 BTC, which indicates that the selling pressure above BTC is still heavy, and the BTC market outlook is expected to pull back.
5. The market sentiment dropped slightly. The trading volume of BTCC for the whole day was 201033 (410920 yesterday), the trading volume of BTCC shrank sharply, the gray-scale GBTC premium rate was -12.1% (-10.0%), and the GBTC selling pressure on the US stock market further increased. , The market pessimism rose again.
6. Short positions in the contract market have the advantage. The number of BTC long and short positions is higher than the shock. The short-term bullish sentiment in the market is strong, and the BTC market outlook is expected to continue to attack.
7. Most of the mainstream encryption indexes in the crypto market today rose slightly, and the mainstream index of large market capitalization-no BTC rose slightly. The long-short market game is fierce, and the bulls have a slight advantage.
1. Macro market and cryptocurrency news
According to sources from the Financial Associated Press, at 9 pm local time on the 28th (9 am on the 29th Beijing time), US President Biden delivered a speech at the joint meeting of the Senate and the House of Representatives. In his speech, Biden announced a US$1.8 trillion “American Family Plan” for children, students and families. If the US stimulus plan is implemented, it will encourage a large number of retail investors to enter the market.
JP Morgan Chase recognized the value of Ethereum in a report on April 27, and stated that Ethereum has performed significantly better than Bitcoin since the beginning of April, and subsequently listed three in the report that Ethereum performed better than Bitcoin. Reason: JP Morgan Chase believes that, firstly, the liquidity of Ethereum is more flexible; secondly, the spot exchange rate of Ethereum is much higher than that of Bitcoin; the transaction activity of the Ethereum network shows the abundance of activities on the chain. We also mentioned in the previous article “Daily Market Interpretation | BTC Long-Short Game is Intense, ETH Trends Strong ” : Ethereum may become stronger than BTC. The specific reason is: Canada has approved three Ethereum ETFs in a row. , The mainstream financial market capital began to influx on a large scale; DeFi, etc. are booming, the Ethereum ecosystem continues to grow; Ethereum core developers held a meeting and stated that the London upgrade in July will still implement EIP-1559, which will help ETH achieve deflation. .
2. Technical analysis
According to the Ouyi OKEx market, BTC’s upward attack was blocked by MA65, and it fell short-term. The bottom was supported by MA5. The top selling pressure of BTC was relatively large, and the market outlook is expected to further pull back. BTC has a resistance at 55,000 USD above and a support at 51,000 USD below.
3. Cumulative indicators of miners
According to bytetree data, it can be seen from the cumulative data of miner production and dumping that miner production continues to rise, and the dumping volume remains at a certain level. In the past 24 hours, miners have accumulated a net 12 BTC, which indicates that the number of miners booting has increased sharply and miners are selling pressure The overall change is small.
Four, on-chain indicators
According to Oklink data, by observing the number of coin holding addresses, it can be seen that the number of BTC holding addresses has fallen again, and the pressure on Bitcoin remains heavy. As of today at 16:00, the locked-up amount of BTC-anchored assets in DeFi is 209696 (210604), and the locked-up amount of BTC in DeFi has decreased by 908 BTC. Taken together, the number of BTC holding addresses has dropped again, and the amount of BTC locked in DeFi has decreased by 908 BTC. This indicates that the selling pressure above BTC is still heavy, and the BTC market outlook is expected to pull back.
5. Panic Index and Trading Strength Index
According to data from alternative.me, today’s panic and greed index is 52 (yesterday 59), and the greed and panic index is slightly lower than yesterday. According to data from the Toronto Stock Exchange , the trading volume of BTCC throughout the day was 201033 (410920 yesterday), and the trading volume of BTCC shrank sharply; the gray-scale GBTC premium rate was -12.1% (-10.0%). According to coin data, as of today at 16:00, the current BTC funding rate is +0.01% (+0.01%); the current Bitcoin RSI 14 (relative strength index for buying and selling) is 45.5 (45.8), and the overall buying power has not changed much. . Taken together, the market sentiment dropped slightly. The trading volume of BTCC for the whole day was 201033 (410920 yesterday), the trading volume of BTCC shrank sharply, the gray-scale GBTC premium rate was -12.1% (-10.0%), and the GBTC selling pressure on the US stock market further Increased, market pessimism rose again .
Six, contract indicators
According to the coin data, as of 17:00, the ratio of long and short positions in the entire BTC network is: long positions 48.36%, short positions 51.64%, and short positions have an advantage. According to OKEx contract data, on the hourly chart, the number of BTC long-short positions is higher than the shock, and the market has strong short-term bullish sentiment. On the whole, the contract market bears the advantage, the number of BTC long and short positions is higher than the shock, the market is strong in short-term bullish sentiment, and the BTC market outlook is expected to continue to attack.
Seven, mainstream assets and popular currencies
According to Chainext data, most of the mainstream crypto indexes in the crypto market today rose slightly, and the mainstream index of large market capitalization-no BTC rose slightly. The long-short market game is fierce, and the bulls have a slight advantage. At present, within 24 hours, among the top 100 currencies, only four currencies have risen. They are: LSK (16.481%), ICX (12.231%), DOGE (10.907%), ENJ (9.168%), MATIC (8.569%).