On May 29th, the cryptocurrency market experienced intense fluctuations, with the price trend of Bitcoin (BTC) drawing much attention. The latest data shows that BTC has successfully broken through the $108,500 mark. As of the time of publication, the quote is $108,507. However, while the price was rising, the 24-hour decline reached 0.37%. This data reflects the intense battle between bulls and bears in the market, and investors need to respond with caution.
Recently, the price of Bitcoin has fluctuated frequently, showing a complex trend. Previously, on May 27th, Bitcoin briefly dropped to the $108,000 level, with a decline of more than 1.30% at one point. This time, breaking through $108,500, although seemingly a price increase, actually conceals market uncertainty behind it. From a technical analysis perspective, after breaking through $108,500, the price of Bitcoin is now facing the test of the resistance level above. If it fails to effectively stabilize and continue to rise, it may trigger a price correction. For instance, during the process of price increase, the MACD bar chart remains positive but gradually shortens, which implies that the bullish force is weakening.
At the market news level, various factors interweave and influence the price trend of Bitcoin. Previously, the Financial Times of the UK quoted six anonymous sources as saying that Trump Media & Technology Group planned to raise 3 billion US dollars through a stock sale to invest in Bitcoin and other cryptocurrencies. Although Trump Media Group (TMTG) later denied the news, it still caused fluctuations in the market. In addition, on-chain analyst Yu Jin’s monitoring shows that the long position of the giant whale James Wynn in BTC increased its position during a specific period. The current floating loss status of the position also reflects the market risk to a certain extent.
According to the market transaction data, the real-time midday price report of Coinworld shows that BOSS Wallet has had several large transactions recently, and the transaction unit prices have fluctuated at different times, reflecting a high level of market trading activity and the fact that different investors have different expectations for prices. Meanwhile, the holdings of the Australian Monochrome Spot Bitcoin ETF rose to 656 BTC. This change in institutional holdings also affected market sentiment to a certain extent.
For investors, in the current situation where the price of Bitcoin has broken through $108,500 and the market fluctuates greatly, it is crucial to do a good job in risk control. On the one hand, it is necessary to closely monitor the price trend, set reasonable stop-loss and take-profit points, and avoid excessive losses caused by significant price fluctuations. For instance, if the price breaks below the key support level, it is advisable to consider cutting losses and exiting the market in a timely manner. On the other hand, it is necessary to comprehensively analyze market news and technical indicators, rationally judge market trends, and avoid blindly following the trend for investment.
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