BTC Daily Chart Analysis

Last night’s two news items: Nvidia’s earnings exceeded expectations, and the Federal Reserve meeting minutes leaned hawkish. First, let’s talk about Nvidia. Nvidia’s earnings this time are very strong, indicating that AI demand is still exploding, which is positive for U.S. tech stocks and will indirectly boost risk assets. But Nvidia’s good news mainly supports U.S. stocks, not directly buying into BTC. In other words, it can ease market sentiment a bit, but it doesn’t directly prove that the crypto market has regained strength.

Next, the Federal Reserve meeting minutes. This time, the minutes are overall hawkish, emphasizing that inflation remains high, especially due to energy prices and Middle East tensions, with many officials believing it may take longer to bring inflation back to the 2% target. The current interest rate remains at 3.5%–3.75%, with rate cut expectations still suppressed, even suggesting a possible rate hike! So, the market is currently caught between the positive tech stock sentiment from Nvidia’s earnings and the pressure from the hawkish Fed and high U.S. Treasury yields.

Returning to BTC daily chart. BTC is currently around 77,800, rebounded from the lows yesterday. On the daily chart, a morning star pattern has formed at the bottom, indicating that in the short term, it will continue to rise, which is a bottom reversal signal.

Focus on the futures gap above: 78,400–78,600, and further up around 79,500. Personally, I think this area faces very strong resistance. Once it breaks through and stabilizes, there’s a chance to test new highs. But if the rebound lacks volume and it hits resistance but can’t break through, it’s likely to retreat again. Currently, the Vagas channel remains in a bearish trend; the rebound does not indicate a trend reversal.

Below, focus on: 76,000–75,500. Overall idea: today the dollar is weakening, and in the short term, we expect a rebound. Do not chase longs; mainly look for short opportunities on rallies.