Recently opened a physical restaurant, focusing mainly on the restaurant, so cryptocurrency aspects have been delayed a bit, with fewer article updates, but daily market suggestions are still published in the internal group.
Without further ado, let's summarize the recent event impacts. China and the US restarted high-level economic and trade dialogue in London on June 9th, lasting two days. The talks focused on two core issues: China's rare earth export restrictions and US export controls on Chinese tech products. Although both sides expressed cautious optimism during negotiations, whether this can bring substantial changes to the continuously tense China-US trade relations remains uncertain.
Secondly, with the US showing increasingly open attitudes in cryptocurrency regulation, and MicroStrategy's continued Bitcoin purchases resulting in massive unrealized profits, more listed companies are being encouraged to initiate Bitcoin reserve strategies. BlackRock's Bitcoin spot ETF (IBIT) has written a new chapter in ETF industry history, taking 341 trading days to break through the $70 billion asset management scale, breaking the previous 1,691-day record set by the largest gold ETF. BlackRock currently holds 582,000 Bitcoins, with a total value exceeding $62 billion, an average acquisition cost of $70,086 per Bitcoin, and a total profit of approximately $21.2 billion.
In the cryptocurrency sector, influenced by the China-US talks, Bitcoin briefly broke through the $110,000 mark around 5 AM on the 10th, reaching a high of $110,650. At the time of writing, it has slightly retreated, trading at $108,800 with a 24-hour increase of 0.42%.
Bitcoin 4-hour chart
Bitcoin's price is currently at a high level, close to the upper rail of the Bollinger Band. The rapidly rising middle rail indicates an overall upward trend. As long as the pullback doesn't break through the support level of 106,500 at the Bollinger Band's middle rail, the long trend remains unchanged. The KDJ three-line values are running at high levels, but the J value has turned downward, showing an overbought pullback signal. KDJ turning at the overbought zone typically signals a short-term top.
The MACD indicator shows the DIF line value significantly higher than the DEA line value, maintaining a clear golden cross state. Although the MACD histogram remains red, it has started to shorten, indicating weakening bullish momentum. If the MACD histogram continues to shorten or turns green, it means short-term upward momentum is declining, and bearish trends may be approaching.
From the Fibonacci retracement levels, the price has rebounded above the 78.6% position (107,066.91). The current price of 108,848.25 is in a high-level area. Breaking through 111,980 at the 100% retracement could open new upward space. However, if unable to stabilize in the 108,800-110,000 range, it might retrace to the 61.8% (107,565) or 50.0% (106,201) retracement levels. Overall, while short-term pullback pressure exists, as long as the key support levels between 38.2%-50.0% (104,838-106,201) are maintained, the medium to long-term trend remains positive.
Comprehensive analysis: The upward trend remains unbroken, pullbacks can be used for low-entry positioning; the middle rail support is around 105,000, and if effectively supported without breaking, the long trend remains healthy.
Based on the above, the author offers the following suggestions for reference
Go long on Bitcoin when it pulls back to around 106,200, defend at 105,500, with targets of 107,500-109,000.
A 100% accurate suggestion is less valuable than providing the right perspective and trend. It's better to teach fishing than to give fish. Earning for a moment is temporary, but learning the approach is lifelong! The focus is on the approach, trend control, market layout, and position planning. What I can do is use my practical experience to help everyone and guide your investment decisions and management in the right direction.
Writing time: (2025-06-11, 02:20)
(Article by Big Immortal Talks Coins) Special Statement: Network publishing has delays, the above suggestions are for reference only. The author is committed to research and analysis in Bitcoin, Ethereum, Altcoins, forex, stocks, and other investment fields, with years of market experience. Investment carries risks, enter the market with caution.
