Data: Analysis shows Bitcoin is testing key support level, while Ethereum has triggered a bearish signal
ChainCatcher reports that 10x Research released a report stating that since the CPI data was released on May 13, BITCOIN ETF holders have sold more than 1 billion US dollars, market sentiment has plunged from 87% to 45%, and bond yields have continued to rise (30-year yield increased to 5.12%). Inflation has returned to focus, and cryptocurrencies are feeling the pressure.
The report points out that Bitcoin is testing the 30-day moving average, and confirmation of a break below this level would indicate deteriorating momentum. Key levels to watch: 79,125 US dollars (short-term bull-bear dividing line) and 76,922 US dollars (major support level). Ethereum has triggered a bearish signal. 10x Research states that the current pattern is “two steps forward, one step back,” but the cycle bottom has already appeared.
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