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#Gate广场五月交易分享 Bitcoin rebounds to a new high and then sharply pulls back, is this the top of the upward trend?
Bitcoin breaks through a new high of 82,800 and pulls back 2,000 points, is this the top of the upward trend?
The ongoing US-Iran dispute, which has been discussed repeatedly, is still dragging on without resolution. Federal Reserve officials' comments: escalation of the conflict is putting pressure on oil prices and supply chains, inflation risks are rising, and interest rates will remain high, with the possibility of rate hikes not ruled out again.
PCE inflation expectations show that March inflation rose to 3.5%, core PCE rose to 3.2%. Despite this, on Wednesday, the US stock market closed at a bizarre new high, while Bitcoin funding rates showed negative values, a typical short squeeze!
BTC is currently in a clear short-term downtrend on smaller timeframes, with the four-hour MACD showing decreasing momentum and forming a death cross, DIF turning downward. Watch for support at 8060 during the day; if it breaks thoroughly, the four-hour bullish pattern will be damaged. For more conservative traders, wait around 7800, mainly aiming for rebounds to sell high during the day.
Range short around 8170-8220, with support at 8300, target 8060-7980, and a break below to look at 7810.
ETH short around 2348-2365, with support at 2406, target 2310, and a break below to see 2260-2218.