Preface: Investment involves risks, please proceed with caution.
Article review takes time, there may be delays in publication. The article is for reference only, welcome to read!
Time of writing: 15:41, March 6th, Beijing time
Market Information
- The net inflow of Bitcoin spot ETF on March 5th was $662.5 million, setting a new single-day net inflow record.
- Yesterday, the inflow of Belad IBIT was $788 million.
- A dormant whale sold 1,000 BTC 20 hours ago, making a profit of about $60 million.
- President of ETFStore: Considering that the US SEC allows Ethereum futures ETF, the approval of spot Ethereum ETF is only a matter of time.
- The daily trading volume of Bitcoin spot ETF reached $10 billion, setting a new historical high.
Market Review
Earlier, we mentioned that there was a high chance of breaking through 69,000 this week. Last night, it surged past the historical high point, with the current highest price at 69,350. However, after the breakthrough, the market did not continue to rebound, but instead experienced a rapid decline, with the lowest point at 59,112, a direct drop of ten thousand points. This may also be related to the awakening of the market whale selling. Ethereum also followed a similar trend, first surging and then experiencing a downturn following Bitcoin. The surge point was at 3,827. As we mentioned before, there is a high chance for Ethereum to test 4,000 this week, which has not yet been reached. There is still a chance for a rebound. In intraday trading, it is still advisable to maintain a strategy of buying on dips.
Market Analysis
BTC:
Looking at the weekly chart, Bitcoin has broken the previous high point, but there has not been a significant increase in trading volume after the surge, indicating that the market has not seen significant selling action. On the daily chart, there is a certain amount of trading volume, and even if there is a pullback, it will not be a significant one. If there are several more instances of high trading volume in the future, there may be suspicions of selling. Currently, looking at the weekly chart, Bitcoin is expected to continue to rebound from the 69,350 position, and this will not be the peak. As we mentioned before, there will be no resistance above the historical high point, and the price will move towards 100,000 after breaking the historical high point. It will take some time for the market to adjust. There will also be halving and interest rate cuts in the future, which are long-term positives. There is no doubt that Bitcoin will reach 100,000 this year. In short-term intraday trading, any pullback is an opportunity to buy. It is advisable to position near 65,000 and look towards 69,000 and higher. Manage entry opportunities with caution in short-term trading.
ETH:
Looking at the weekly chart, although Ethereum has not broken the high point, the bulls are still relatively strong. There is still resistance above Ethereum, with the next target around 4,050, about 300 points away from the current price. After Ethereum's decline last night, the daily chart formed a doji, indicating that Ethereum is about to break through the doji. In this kind of trend, Ethereum is expected to continue to rebound intraday, with the next target expected to be around 4,050. Buying on the rise can yield good profits. There are not many opportunities to wait for a larger pullback, so buying on the rise directly is advisable. The initial target is around 4,050, and then pay attention to the situation of Bitcoin breaking the high point of 69,350 to decide whether to hold above the historical high point. Manage entry opportunities with caution in short-term trading.
In summary:
Bitcoin broke the previous high and then declined, followed by another surge. The bulls are still more dominant, so buying on dips is the main strategy.
The article is time-sensitive, be aware of the risks, the above is only personal advice, for reference only!
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