After the release of the CPI last week, the expectation of interest rate hikes has risen sharply. Over the weekend, geopolitical risks intensified, leading to a sharp drop in BTC linked to the US stock market.
At the same time, today is the old US tax limit, and funds from ETFs are also flowing out. Hot money is being drawn out frantically. The good news is that the Fed will slow down its balance sheet reduction in May, and corresponding ETFs in Hong Kong will also be launched in early May. It seems that there will be a slowdown in the downward trend in May.
It is worth noting that after this round of sharp decline, DeFi is facing a double blow of negative news and collateral liquidation. Currently, the founder of CRV has pledged 370 million coins and is facing the risk of liquidation.
Small funds being liquidated result in personal losses, while large funds being liquidated can easily push prices further down and cause losses to others. Pay attention to controlling the leverage ratio of CRV.
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BTC:
With only 1 week left until the halving, BTC surged and then fell, entering a trend of probing for long positions and exploring the bottom.
Today, there are huge options expiring, corresponding to BTC entering a triangular convergence trend, and the enthusiasm for long and short positions is heating up. Pay attention to the breakthrough trend. BTC rebounds along the 5-day moving average, with consecutive pin bars on the hourly chart. There is resistance pressure above, and it needs to test the high points multiple times. The key resistance level is $71,448. BTC needs to break through $71,448 with volume to enter a new round of short-squeeze trend. Next, BTC will rise to test $71,448.
Resistance levels: $66,673, $68,845, $70,124
Support levels: $63,632, $61,568, $60,234
ETH:
There have been multiple large ETH transfers to Coinbase, which has a bearish impact on ETH. The peak on the hourly chart continues to decline, indicating facing resistance pressure. The key resistance level is $3,224. ETH needs to break through $3,224 with volume to quickly rise. Next, ETH will probe and fall back at $3,224.
Resistance levels: $3,224, $3,345, $3,457
Support levels: $3,033, $2,932, $2,814
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