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Bitcoin and Ethereum have recently fallen into a "weak consolidation in a downtrend," in other words, the bears haven't fully let go yet. Although there are conditions for a short-term rebound, the medium-term outlook still looks very risky.
In the next couple of days, five major financial events will be announced, with the most significant being the US CPI data at 9:30 PM tonight—if the data exceeds expectations, it will directly continue to decline; the Bank of Japan's interest rate decision at 11:00 AM tomorrow is also crucial, likely to raise rates, which is also bearish.
The current low-volume oscillation essentially involves three forces pulling against each other: the downtrend is not over, short-term oversold conditions, and macroeconomic data has yet to settle. The result is this silent standoff.
In the medium to short term, the trend still leans downward. Bitcoin will first test the $80,000 support, and if broken, look at $74,000. Ethereum's key levels are $2,350 and $2,000. However, the price is already oversold now, so bold traders might consider bottom fishing. The question is, do you dare to take this position?
CPI will be revealed tonight, if it stays high, I'll just mute myself.
Only the brave dare to buy the dip; I’ll wait and see before saying anything.
Breaking 80,000 is truly dangerous; this time the short positions are really fierce.
Oversold as it may be, who knows if it will continue to be smashed down?
The Central Bank of Japan is definitely raising interest rates tomorrow, another piece of unfavourable information.
Once the data is out, we'll know who is catching a falling knife.
With this kind of volume contraction and fluctuation, it will have to choose a direction sooner or later.
Whether it can hold the 2000 level is the key.
This market is indeed annoying; the sideways torture is the worst.
If it breaks below 80,000, I'll keep pushing downward. This wave is indeed a bit tough to endure.
Bottom fishing? Bro, I've already liquidated three times, now I get shaky just looking at the candlestick charts.
Let's wait until the Japanese Central Bank's shoe drops before talking.
I don't dare to take this position, I'm scared.
Consolidation with decreasing volume is the most annoying, it's even worse than a direct crash.
If 80,000 breaks, it's game over. My stop-loss is right here.
It's not oversold; this is called "death buffer," really.
Once the CPI data is out, it will probably crash again. I'll just watch the show tonight.
Buying the dip? I don't have that courage, let others take the risk.
Volatility is the most annoying; it can't rise much and it doesn't fall quickly. This kind of market is the most frustrating.
If 80,000 breaks, it's really a bit risky. Let's wait for the data before making any moves.
This wave is indeed dangerous. No one dares to act before the macroeconomic fundamentals settle down.