The Great Immortal said: On July 12, US stocks unexpectedly fell, and Bitcoin dropped below $57,000
In the cryptocurrency market, Bitcoin surged after the CPI data was released, reaching a high of $59,579.The United States released the latest CPI data last night, showing that inflation continues to slow down. The overall CPI in June decreased by 0.1% compared to May, lower than the expected increase of 0.1%, and rose by 3.0% compared to last year, also below the expected 3.1%.
However, although the U.S. CPI data reported good news, investors seem to be shifting their focus, withdrawing from recently strong-performing tech giants, with stocks like Nvidia and Tesla collectively losing $600 billion in a single day.
In the cryptocurrency market, Bitcoin surged after the CPI data was released, reaching a high of $59,579, but then selling pressure emerged. Coupled with poor performance in U.S. stocks, Bitcoin began to fluctuate and decline, with a current price of $57,287, down 1.43% in the last 24 hours. Ethereum's trend was similar to Bitcoin's, peaking at around $3,216 after the CPI data was released, and currently priced at $3,070, down 1.15% in the last 24 hours.
Bitcoin 4-hour chart
First, according to the Bollinger Bands indicator on the Bitcoin 4H chart, the price is currently operating below the middle band and is moving upwards towards the middle band, indicating that the market is currently in a rebound trend. If the price can effectively break above the middle band, it will move further upwards.
Second, based on the KDJ indicator on the Bitcoin 4H chart, the K-line and D-line values have formed a golden cross in the oversold area, indicating a potential rebound in the short term, and the J-line value has started to rise from an extreme low, further confirming the rebound signal.
Finally, according to the MACD indicator on the Bitcoin 4H chart, the DIF line and DEA line show signs of forming a golden cross near the 0 axis. Once the golden cross signal is formed, the price will rebound, and the MACD green histogram is gradually shortening, indicating that the downward momentum is weakening, making a rebound possible at any time.
Bitcoin 1-hour chart
First, according to the Bollinger Bands indicator on the Bitcoin 1H chart, the current price is operating above the middle band and is close to the upper band, indicating that the current price is at a relatively high position. If the price cannot effectively break above the upper band, it will experience a certain pullback.
Second, based on the KDJ indicator on the Bitcoin 1H chart, all three KDJ line values are currently above 80 in the overbought area, with the J-line value at 100, indicating that it has entered a seriously overbought area, suggesting a potential pullback in the short term.
Finally, according to the MACD indicator on the Bitcoin 1H chart, the DIF line has crossed above the DEA line from below the 0 axis, forming a golden cross, indicating that it is currently in a strong upward trend. The MACD red histogram is also gradually increasing, indicating that the upward momentum is strengthening, further confirming the upward signal trend.
Comprehensive analysis: Currently, Bitcoin shows weakening downward momentum on the 4H chart and has short-term rebound potential. If a rebound signal appears when the price approaches the lower Bollinger Band, it may be a short-term buying opportunity. Currently, Bitcoin shows a strong upward trend on the 1H chart, but due to the KDJ indicator being in the overbought state, a pullback may occur in the short term. If the price encounters resistance near the upper Bollinger Band and the KDJ indicator continues to adjust downwards, it may signal a short-term selling opportunity.
In summary, the following suggestions are provided for reference:
Suggestion 1: Buy near 57,200, target 58,300-58,700, stop loss at 56,700.
Suggestion 2: Lightly short near 58,300, add to short at 58,700, target 57,700-57,300, stop loss at 59,200.
Time of writing: (2024-07-12, 20:40)
(Written by - Daxian Says Coin)
