10x Research Weekly Report: Bitcoin Is Testing Key Support Levels, and Ethereum May Have Triggered a Bearish Signal

On May 18, according to the 10x Research weekly report, since the release of the May 13 CPI data, Bitcoin ETF investors have cumulatively withdrawn more than $1 billion, indicating that inflation trades have returned to the forefront of the market.

At the same time, sentiment in the cryptocurrency market has deteriorated significantly, dropping sharply from 87% to 45%, showing that investors’ confidence has clearly been undermined.

As for the bond market, yields have continued to rise; the current 30-year U.S. Treasury yield is already above 5.12%, further intensifying overall market pressure.

From a technical perspective, Bitcoin is currently testing the 30-day moving average. If it is confirmed that Bitcoin breaks below it, it would indicate that momentum is worsening. In terms of key support levels, $79,125 is regarded as the short-term bull-bear dividing line, while $76,922 is the primary support level.

Meanwhile, Ethereum has triggered a bearish signal. However, analysts believe that this series of developments may also provide market traders with the “clearest trading opportunity.”

Overall, Bitcoin is testing a key support level, while Ethereum has triggered a bearish signal. 10x Research believes that although the market is showing a volatile pattern of “moving forward two steps and back one step,” it may also indicate that a cyclical bottom has already been established.

#比特币 # Ethereum