solverpoker| Test another $64,000, BTC's boring trend may last for 3 to 6 months

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One of the Fed's preferred indicators of inflation, the Core personal consumption Expenditure (PCE) index, shows that inflation is still sticky, rising 2% in March from a year earlier.Solverpoker.8%, higher than expected 2.7%, prompting many traders to reassess their exposure.

The cryptocurrency market performed poorly at the end of the week, with Bitcoin continuing to test again and again near the key $64000, with most knockoffs falling slightly. Bitcoin traded between $63300 and $64825 that day, with bulls and bears neck and neck, according to comparison data. As of press time, Bitcoin was trading at $63897, down 1.4 per cent in 24 hours.

ETF outflows are still growing, with market data showing a total daily net outflow of US-listed spot BTC ETF of $217 million. That brings the total outflow this week to $244.49 million. By contrast, Bitcoin has risen by about 3.7% in the past seven days. JPMorgan said the correlation between Bitcoin ETF prices and capital inflows had weakened, from a high of 0.84 in January to an estimated 0.60.

Counterfeit coins closed lower this week, with the vast majority of the top 200 tokens on Friday showing negative returns. Among the rising knockoff coins, BinaryX (BNX) led the rise, up 18.5%, trading at US $1.06, and Helium (HNT) rose 7.35%. Jing Neo rose 6.7%. Cat in a dogs world (MEW) fell 14.3%, with the largest decline on the day, followed by Arweave (AR) and Pendle (PENDLE) down 9.8%.

At present, the overall market capitalization of cryptocurrency is $2.36 trillion, and the main conductivity of Bitcoin is 53.5%.

Despite higher-than-expected inflation figures, US stocks closed the week higher as earnings reports from Alphabet and Microsoft raised hopes for a rebound in large technology stocks.

S & P, Dow and NASDAQ closed higher, up 1.02%, 0.40% and 2.03%, respectively. Affected by the PCE report, the dollar index rose 0.41 per cent to trade at 106.02 as of this writing, while the yield on the 10-year Treasury note fell 88 basis points to 4.665 per cent.

The trend of BTC boredom may last three to six months.

Micha ë l van de Poppe, founder of MN Trading, said that the boring price trend of Bitcoin is likely to continue in the next three to six months, which means that activity in the counterfeit coin market is likely to increase.

Market analyst CryptoChiefs said: "after a positive reaction in the $62800 area yesterday, Bitcoin returned to its weekly opening price of $65000 in the short term, which is still a strong resistance level because we still do not see any four-hour candles above it. This is a great pressure level, but just above this level, we also face strong downward resistance. "

"the orange trend line (above) has been a resistance level for three weeks, so if you are tested, please pay close attention to its reaction," he said. Further downwards from here, the low value area of DM has not been tested. "

Castillo Trading, a market analyst, believes that the current proportion of whether the market will go lower or higher is 50max 50, but he will personally buy on the bargain.

Castillo Trading said on the X platform: "for BTC, ETH and other cryptocurrencies, some valid predictions about whether the market should fall or rise, we are basically in the position of 50 + 50. If you are not sure, then any transaction is still a transaction. For me, bullish, individuals will buy bargain. I agree that this market bores participants, which seems to be the key point before we see a big rally, and the fact that the trend has not collapsed is a sign of stability for me.

$60000 is still an important level to watch.

Rachel Lin, co-founder and chief executive of SynFutures, said in a report: "short sellers have sold in the strong rebound seen earlier this week, while the much-anticipated halving of Bitcoin has not had any significant impact on price movements."

Lin pointed out that looking at the bitcoin price chart during the previous halving cycle shows that "there will be a horizontal or downward trend in the weeks after halving until BTC breaks through its previous high, which is now 73600. The recent support level continues to remain at 60000, and the importance of the sharp rebound in prices after hitting the region on Friday is clear. If the price stays above 60000, we may see a horizontal trend. However, a break could trigger a strong sell-off. "

Lin said she expects the price of Bitcoin to remain volatile in the short term, while tidying up sideways. At present, 60000 and 67500 are still two important levels worthy of attention. If it falls below 60000, the next strong support area will be between 50000 and 52000, indicating that BTC prices will fall 15 per cent. "