Master Chat about Hot Topics:

First, let's review the reopening of ETF after a three-day market closure, which was greeted with a black opening. Grayscale GBTC aggressively sold off $303 million. However, BlackRock and Fidelity did not react, with inflows of only $165 million and $44 million, respectively. The inflows of other ETF institutions were in the million-dollar range and were of no help at all.

This also led to another round of capital outflows for ETFs, with a net outflow of $85.7 million. Although the amount of capital is not large, the destructive effect on market sentiment is very significant. This may have been the catalyst for yesterday's market plunge, as the main players believed that the outflow of funds from ETFs might continue and chose to hedge in advance.

In addition, the macro aspect is also unfavorable to the market. The unexpected expansion of the US March ISM Manufacturing Index ended 16 consecutive months of contraction, with prices, new orders, and production all rising.

This has also greatly reduced the probability of a rate cut by the Federal Reserve in June. After the data was released, the probability predicted by CME once fell below 50%. The cumulative rate cut for the year has also been reduced from the previous 75 basis points to below 65 basis points, influenced by the pessimistic expectations of a rate cut.

Furthermore, the trends of FBTC and IBIT from Fidelity are not healthy either, as they are currently the largest entry points in the market. The daily inflow and outflow of ETFs play a decisive role in the rise and fall of the overall market. The ETF for Bitcoin is an index that tracks the rise and fall of the cryptocurrency in the US stock secondary market.

The rise and fall of the overall market also directly affects the rise and fall of ETF prices. In addition, the rise and fall of ETFs also have a certain relationship with market supply and demand. Therefore, retail investors prefer to see the market rise rather than fall.

Many people would rather buy at high levels than bottom fish when the market is down. This can explain why the inflow of BTC has been negative during this period.

Master's Trend Analysis:

BTC: The market touched the support level near 64,000 yesterday, and the daily closing was also a solid bearish candle. This also represents strong selling pressure yesterday, and there was a small rebound at the opening today.

Therefore, it is necessary to pay attention to the resistance level near 68,000 within the day. If it breaks through, we can continue to look at the range of 70,000-72,000. But if we cannot achieve a good breakthrough in the short term, we will still test the support level for a rebound.

ETH: The market for ETH reached the support level near 3,200 again yesterday. Similarly, the current intraday resistance level can be focused on at 3,500. After breaking through, we can continue to look at the weekly resistance level of 3,800, which has not been reached yet.

The support level below continues to be around 3,200. As long as the market continues to consolidate here and does not fall below 3,200, it will be another rebound position.

Master's Short-term Pre-set Orders on April 3:

BTC:

Long near 65,400-65,800, target 66,700-67,000

ETH:

Long near 3,260-3,300, target 3,360-3,400

This article is exclusively planned and published by Master Chen (WeChat public account: Coin God Master Chen). If you need to learn more about real-time investment strategies, how to get out of a predicament, spot contract trading techniques, operational skills, and candlestick knowledge, you can add Master Chen for learning and communication. I hope to help you find what you want in the cryptocurrency circle. Focusing on BTC, ETH, and altcoin spot contracts for many years, there is no 100% method, only 100% going with the trend. Daily macro analysis articles are updated across the web, as well as technical indicator analysis and spot mid- to long-term replay price prediction videos for mainstream coins and altcoins.

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