May 23, 09:00–22:00 Market Analysis Summary

Today, Bitcoin and the altcoins overall broke out of a “volatility recovery after bottoming out” structure. In the afternoon, a wave of rapid selloff occurred; afterward, funds flowed back from low levels, and market sentiment gradually stabilized. Bitcoin rebounded to around 75,850 at its daytime high, but in the afternoon, the bears suddenly increased selling volume and smashed the market, with the low touching around 74,203. The single-day range exceeded 1,600 points. In the evening, it rose back to around 75,200 and consolidated, indicating clear support and buyback in the 74,000 area. The altcoins weakened in sync: the high was around 2,076, then in the afternoon the price dipped to around 2,007 and quickly recovered. In the evening, it regained stability above 2,040, showing some short-term sentiment improvement.

From a funding perspective, during the afternoon selloff phase, trading volume increased significantly. In the short term, leveraged long positions were concentrated in liquidation, leading to a certain level of panic in the market. However, in the evening, capital that had been supporting low levels re-entered, and bearish momentum marginally weakened. Technically, after Bitcoin’s MACD formed a low-level death cross, it began to contract on decreasing volume. KDJ formed a turn from the oversold zone, and RSI gradually recovered, suggesting there is a need for short-term repair. But overall, the trend still remains mostly range-bound and relatively weak. On the news front, there is no major negative catalyst. The market is more influenced by U.S. stock fluctuations and risk-asset sentiment. Overall, today’s core rhythm is: “sharp selloff to release risk, followed by low-level consolidation and recovery.” #沃什宣誓就任美联储主席 $BTC $ETH