Market News
- SEC extends review time for ARK spot Bitcoin ETF application
- Bitcoin volatility index hits a new low, with a 30-day annualized volatility of 19.55%
- DY DX team indicates that they are still improving the functionality of Public Test Network 2, which will be launched on the 14th
- Goldman Sachs releases research report: expects the Fed to start cutting interest rates in Q2 tomorrow
SEC officially announced the extension of the review time for the ARK Bitcoin spot ETF application, in line with previous market expectations. Currently, the dispute between SEC, Binance, and Coinbase is ongoing, stablecoin legislation has not been finalized, and the possibility of immediately approving the ETF is low. Additionally, former SEC Internet Enforcement Director John Reed Stark also stated that the current SEC will not approve a Bitcoin spot ETF. If the Republican Party takes the White House in 2024, they will approve it and bring a large number of favorable policies to the industry. Therefore, based on various feedback, the possibility of short-term ETF approval by the regulatory authorities is very low, which poses a short-term impact on market sentiment.
Technical analysis shows that the market continues to maintain a low volatility phase over the weekend, with prices fluctuating at low levels. Repeated upward rebounds are mostly met with downward pressure, and the market has already fallen below the 29,500 support level, indicating an overall weak market. The market is likely to continue seeking support, and with the prolonged fluctuation, there has been no effective breakthrough of the lower point, showing signs of periodic bottoming out. This means that even if there is a retracement below, it is difficult to break the current range.
In terms of chip distribution, the chips are currently too densely concentrated around the 29,000-30,000 level, occupying a large short-term liquidity. The longer the accumulation of chips, the greater the upward momentum. Therefore, without the intervention of major players to sell off, we can enter long positions at a lower price. The short-term resistance above is at 29,500, with strong resistance at the 30,000 level.
Recommended strategy: After switching to a 4-hour chart, if it continues to close higher, you can enter a long position at the current price or near 29,500, with a target around 29,800-30,000.
The wind in July, the rain in August, there will definitely be better luck in the second half of the year. Lanchen's trading record this month: 6 wins, 1 loss, win rate 85%, profit 3300 points, loss 400 points. Real-time updates are synchronized across the entire network (small currencies are not recorded).
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