LOEx Market Research Report on April 30: BTC fell below $55,000 again, a key point in market sentiment

[Hot Tips]

1. [Ctrip joins digital RMB payment scenario]

According to news from China Securities.com, the digital RMB app has been updated recently, showing that the six state-owned banks of ICBC, ABC, Bank of China, CCB, BoCom, and Post Bank have added two sub-wallets, namely Ctrip and Postal Savings Life. It is reported that the digital renminbi can be used in Ctrip to book transportation, travel, hotels and other products, and can be used when paying in the canteen of post bank of the life APP of post bank.

2. [MicroStrategy Q1 Financial Report: Purchased 20,857 Bitcoins for $1.086 billion, with an average cost of $52087]

On April 30, the US listed company, MicroStrategy, announced its first quarter 2021 financial report. The financial report shows that in the first quarter of 2021, it purchased a total of approximately 20,857 bitcoins for $1.086 billion, with an average purchase price of $52087 per coin.

3. [SNB will test cross-border digital currencies]

[Market analysis]

Bitcoin (BTC)BTC fell slightly in the early morning, dropping to 52336.36 USDT at its lowest, and then rebounding to around 53,300 USDT. BTC is currently trading at 53415.53 USDT on LOEx Global, a drop of 0.58% within the day.

In the short term, Bitcoin must break through the market sentiment support level of $55,000. If it can cross this area, a large-scale bull market of more than $60,000 is possible. If it falls below $43000, it may be difficult for the bull market to return. From the current trend of BTC, the 2 bottoming process of the 4H cycle center is consistent with yesterday’s analysis. It will pull back under the early pressure of $55000-$57000 to complete the structure of the rising center. As we said in the last issue, $54000-$55000 is a new boundary between strength and weakness. If BTC regains its position at $55000, there is a high probability that the whole trend will bring holiday market. But the current market shows that after it stood at $55,000, it began to drop for three consecutive years. The current sentiment is not conducive to long. Cryptocurrencies usually have holiday quotes. I don’t know if there will be this time on May 1st. We don’t judge them.

Operation suggestions:

Support level: the first support level is 52,000 points, the second support level is 50,000 integers;

Resistance level: the first resistance level is 58,000 points, the second resistance level is 60,000 points.

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