Market Focus
Binance: Visa will stop issuing new co-branded cards with Binance in Europe starting from July.
Coinbase is in negotiations with a Canadian banking giant to promote the development of the cryptocurrency ecosystem.
ARK Invest and 21Shares have resubmitted two applications for Ethereum futures ETFs.
The Central African Republic has passed the "Tokenization Act," approving the tokenization of land and natural resources.
Data: The total NFT trading volume this month has decreased by 49% to 223,000 Ethereum, equivalent to approximately $367 million.
The UK government will conduct a public survey on banning promotional phone calls related to cryptocurrency.
Overnight, the Nasdaq index opened high and then fell by nearly 2%, the US dollar index surged to around 104.2, and Bitcoin returned to fluctuate around the $26,000 mark. Due to the lack of new macro narratives in the recent cryptocurrency market, the sustained weakness of both long and short positions, and sideways fluctuations have become the keywords in the recent period.
From a macro perspective, the focus event this week is the Jackson Hole central bank annual meeting, and Federal Reserve Chairman Powell will also speak at the global central bank annual meeting at 22:05, triggering an immediate long-short game, becoming the most important game event today and even this week, which needs to be closely watched.
From a technical perspective, the rebound in the 4-hour structure of BTC has not yet broken through the resistance at $26,800, showing that the current 4-hour technical rebound strength is weak. If the resistance is not broken, the market still has the possibility of retesting the bottom to seek support. At the same time, the gap between $27,000 and $27,500 on the daily chart has not been filled. If it is not filled by the end of this week, the timing of filling this gap in the future will be full of uncertainty. Therefore, the strategy should still maintain a bearish bias.
Pay attention to the change in the trend after the 4-hour line, if it cannot break through the high and change the current downtrend, there is a high probability that it will test the lower level around $25,800 or even lower again. Therefore, long positions should also be mindful of exiting in a timely manner.
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