May.21-May.27(BTC)Weekly market recap
Last week, the SEC unexpectedly approved the ETH ETF. Although it is still some time before the listing of the ETH ETF, the crypto market has entered a carnival. ETH started pumping, narrowing the gap with BTC in terms of gains in 2024. We believe that although the ETH ETF has been approved, the staking utility of ETH will still make the SEC cautious about ETH.
On the other hand, we saw last week that Donald Trump, the Republican candidate for the 2024 election, stated that he would accept donations from crypto tokens. He will support the development of crypto in the United States, and ban CBDCs if the election is successful. This is also the reason why meme coins based on Trump have risen recently. If Trump eventually becomes President of the United States, crypto will see an even bigger rise.
BTC performed weaker than ETH last week and became a follower. Although the price rebounded after the MBF indicator showed bottom-buying sentiment. After approaching a given resistance level, BTC entered a range again. The WTA indicator shows that there were no blue columns representing whales during last week's trading, and trading volume was lower than past averages. The ME indicator maintains a bullish trend.
In summary, we believe that BTC will maintain low volatility. We keep our original resistance level 74000 and support level 61000.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
On the other hand, we saw last week that Donald Trump, the Republican candidate for the 2024 election, stated that he would accept donations from crypto tokens. He will support the development of crypto in the United States, and ban CBDCs if the election is successful. This is also the reason why meme coins based on Trump have risen recently. If Trump eventually becomes President of the United States, crypto will see an even bigger rise.
BTC performed weaker than ETH last week and became a follower. Although the price rebounded after the MBF indicator showed bottom-buying sentiment. After approaching a given resistance level, BTC entered a range again. The WTA indicator shows that there were no blue columns representing whales during last week's trading, and trading volume was lower than past averages. The ME indicator maintains a bullish trend.
In summary, we believe that BTC will maintain low volatility. We keep our original resistance level 74000 and support level 61000.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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