Track real-time hotspots in the cryptocurrency circle and seize the best trading opportunities. Today is Monday, December 9, 2024. I am Wang Yibo! Good morning, everyone. Iron fans, check-in👍, like, and make a fortune🍗🍗🌹🌹.

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Bitcoin has been trading around $100,000 over the weekend, and the Trading Volume has been shrinking. Ethereum has been trading around $4,000 with reduced volume. The outstanding market performance is UNI and AVAX, which have been in a rising channel. The market trend can still be seen from the list of price changes, indicating a rotation of sectors. Last week (December 2nd to 6th, 2024), the inflows of funds into US spot cryptocurrency ETFs were as follows: $2.744 billion into BTC, $844.9 million into ETH. These inflows mark the second-largest weekly inflow for BTC ETF since its launch and the largest weekly inflow for ETH ETF ever. Both BTC and ETH spot ETFs experienced a full week of inflows. This data also reflects the enthusiasm for Bitcoin and Ethereum. The biggest factor affecting the market trend of encryption this week is the release of the US CPI data on the evening of November 11th. This data is related to whether the Federal Reserve will continue to cut interest rates in December. In fact, the ups and downs of the Bull Market are a good opportunity to enter the market.
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After a weekend rest, Bitcoin has regained its position above 100,000. If the weekly closing is still at this level, the upward momentum will increase again. It has now reached a small converging triangle at the end. This volume contraction oscillation corresponds exactly to the extreme violent back and forth washing of the disk, giving the entire market a chance to breathe. The current market structure shows considerable stability and releases positive signals of stopping the fall and tending to stability. The market is making a strong correction through horizontal consolidation in the high zone instead of a direct callback, further confirming that the overall trend remains strong. The short-term resistance above is 101,800 and 103,500. The demand in the evening US session will further expand, so follow the trend and continue to maintain a bullish mindset.
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Ethereum continues to consolidate near the 4000 level. On the daily chart, the current pattern is quite robust, sending positive signals for stabilizing and rebounding, and the market's consolidation at the high level indicates a strong and unchanged overall trend. On the 4-hour chart, although the price has attempted to move up multiple times, it still faces significant resistance. From a macro perspective, although the bulls show signs of recovery momentum, the momentum is still insufficient, and a retracement after pressure to test for valid support is a reasonable expectation. Therefore, in the early trading, we should still focus on establishing positions at lower levels.