June 10th BTC/ETH Market Evening Report—Core CPI Yearly Rate First Exceeds Last Year’s Level, Caution for Hidden Rate Hikes

The US May seasonally adjusted core CPI monthly rate announced this evening was 0.2%, with a market expectation median of 0.3% and a previous value of 0.4%. Short-term interest rate futures show the market has reduced bets on Fed rate hikes. Bitcoin experienced a slight rally, reaching around 62,445, just aligning with our morning article’s short positions near 62,150–62,500, as well as Ethereum shorts around 1,660.

It is worth pondering that the data shows May’s core CPI increased by 0.21% month-over-month, very close to expectations, pushing the core CPI annual rate up to 2.9%. This is the first time since December 2022 that the core CPI annual rate has exceeded the same period last year. This data suggests the Fed may need to raise interest rates to curb inflation or at least not rush to cut rates, so everyone should not be overly optimistic!

If you are following the article’s strategy and holding short positions around 64,300 and 1,717 on Monday, short positions near 1,700 on Tuesday, and shorts around 62,150–62,500 and 1,660 on Ethereum, continue to hold patiently. Given the current macro environment is not very clear, it is recommended to exit in batches after reaching target levels!

Tonight’s strategy remains mainly bullish on the downside, with specific resistance levels as follows!

Bitcoin resistance at 62,900–64,000—65,000 and around 66,000, these are ideal points for short positions. Support levels below are at 61,000–59,300–57,800, with ultimate support at 53,000–45,000 (these can be bought in batches for spot positions).

Ethereum resistance at 1,670–1,740—1,750—1,815, with support at 1,610–1,580—1,500, and ultimate support at 1,444–1,120–800 (these can also be bought in batches for spot positions).

Please note that the above suggested spot positions should not be over-leveraged. The overall trend remains bearish, and these levels are approximate points where reactions may occur. Exit points will be updated in real-time articles later. The above views are solely personal opinions of Jiang Feng and for reference only. Please carefully consider and make your #Gate直通IPO认购SpaceX own decisions!