Market Overview
Data from Feixiaohao shows that over the past 24 hours, 51.20% of major cryptocurrencies have gained value, slightly outpacing the 48.80% that declined. While this suggests continued optimism, note that this data reflects conditions from 24 hours prior—current market trends indicate more declines since yesterday evening. Traders should monitor whether this reversal persists.
Key Market Drivers
US Treasury Yields and Global Equities
- The 10-year US Treasury yield surged to 1.491% yesterday, reigniting inflation fears.
- Global stock markets tumbled, with the Nasdaq 100 dropping nearly 3%. Japan’s Nikkei 225 fell 2.13%, while China’s CSI 300 plunged ~5%.
- Bitcoin couldn’t escape the sell-off, dropping from $52,673 to $49,000 after the yield spike. MACD divergence on smaller timeframes had already hinted at a pullback.
Technical Perspectives
BTC/USDT (Perpetual Contract):
- Two retracements this month both found support at the 1-hour MA60, reinforcing its importance.
- Higher lows since early March suggest strengthening bullish structure.
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ETH/USDT:
- Peaked at $1,660 before retreating to the 4-hour MA60.
- Shows relative weakness vs. BTC, with similar MACD divergence signals.
ATOM Spot:
- Broke past the 4-hour MA60 twice yesterday, rallying to $22 on high volume.
- This zone remains critical—it’s a historical support/resistance confluence.
Strategic Takeaways
- Monitor Treasury Yields: Further rises could pressure risk assets.
- Watch BTC’s MA60: A breakdown might signal deeper corrections.
- ATOM’s $22 Level: Sustained breakout could confirm bullish momentum.
FAQs
Q: Why did Bitcoin fall despite positive crypto sentiment?
A: Macro fears (rising yields) outweighed sector-specific optimism, triggering correlated sell-offs.
Q: Is ETH underperforming BTC?
A: Yes—its weaker rebound and lower highs suggest caution for ETH traders.
Q: What’s next for ATOM?
A: Holding $22 is key; failure here may lead to retesting the MA60 (~$19.50).
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Disclaimer: This analysis is for informational purposes only and not investment advice. Trading carries risks—conduct your own research.
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