Analyst: There is a callback expectation on the BTC weekly

According to coin circle analyst Arthur, the BTC has repeatedly attacked $8,300, and the increase can be gradually weakened. The long and short game has reached the direction selection stage. If the BTC cannot effectively stand on the 5-day line ($7840) today, and the decline can be further expanded, the trend will be further determined. If the BTC re-launched the 5-day line today, the BTC will likely move further to around $8,300. If it can break through the previous heavyweight zone, it will be further bullish to $8,500.

According to the performance observations of the BTC from the breakthrough above $5,500, and the first-quarter business report of the institutional trust funds such as grayscale, it can be clearly seen that institutional funds are admitted. Newly increased funds seem to be more inclined to make profits from the futures contract market to compensate for spot losses. In addition, from the long-short ratio of futures on OKEx, the current short-selling contract is significantly higher than the long-term contract, and the market sentiment is visible. At present, investors should be cautious in contract operations because the market has a high risk of tempting.

But the callback trend is at the weekly level, and the current price deviates farther. Even if the BTC can continue to break through, but the height is limited, the higher the price, the higher the risk, and the stronger the callback demand. Currently, the first support range for BTC is between $6,900 and $7,100; the second support is between $6,400 and $6,800, with the 30-day moving average ($6,500) being a strong support.

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In addition, the most important basis for supporting the above analysis is that the cryptographic assets represented by BTC are still considered to be higher than the safe-haven attributes under the premise of lack of sufficient value support, while the global financial market is pessimistic, so new The increase in funds as a whole is limited. After the BTC oscillated at a high level, there is a callback expectation on the weekly line.

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