The overall market didn’t keep up with the rebound in US stocks. Today, first watch key support.
Good morning, everyone. Let’s briefly talk about the market action from last night to now. There are signs of easing in the US-Iran situation; oil prices and US Treasury yields have fallen back, and US stocks rebounded clearly. But Bitcoin only moved up slightly, which suggests crypto buyers are still relatively cautious. At the moment, it’s more suitable to treat the market as range-bound—don’t rush to chase after gains just because external markets are rising.
Trump has postponed military action against Iran, and the market is also waiting for further progress on the follow-up talks. Against this backdrop, international oil prices have fallen to around $80.8, with a single-day drop of more than 4%; the yield on the US 10-year Treasury has fallen to about 4.69%. Last night, the S&P 500 rose 1.48%, the Nasdaq gained 2.13%, and the Dow rose 1.32%. Geopolitical developments easing and oil prices falling help with controlling inflation and stabilizing market sentiment, but these positives have not fully filtered into the crypto market yet.
Bitcoin is currently around $63,600; over the past 24 hours it’s up about 0.6%. During the move, it dipped as low as $62,300, but then it reclaimed $63,000 again. ETH is around $1,860, and SOL is around $73.3—both with little change. It’s clear this rebound is still mainly led by Bitcoin; ETH and SOL haven’t clearly caught up, and the market sentiment index is still in the extreme fear zone—so it’s still too early to judge that the overall market has already turned bullish.
In the short term, focus first on the $62,000 area. As long as it doesn’t break down again, Bitcoin still has a chance to test $64,000 repeatedly for now. The real level that needs to be broken above is around $65,000. Especially after it re-establishes an effective hold above $65,000, the room for the rebound could open further. If $62,000 is lost, then watch around $60,000. Personally, the risk-reward for chasing at the current position is generally not good—waiting for confirmation at key levels is more suitable, and don’t open contract positions too heavily.
Today, keep watching the US-Iran negotiations and Trump’s latest remarks. Later this week, there will also be US services industry data and the employment report—these will affect market expectations for Fed rate cuts. My view is: the overall market is still mainly range-bound for now. The US stock rebound provides some support for the market, but the crypto market still needs stronger buying to go with it.
As long as the US-Iran news doesn’t continue to deteriorate, it remains mainly for intraday and short-term trades. At the same time, focus on whether the overall market can effectively hold $65,000. Without an effective hold, in the short term it’s not appropriate to treat this rebound as a brand-new uptrend.
$BTC $ETH $SOL