💰 Gate.io Daily Topic & Post Event
➡️ #BitcoinStrategicReserveAct#
— On May 7, New Hampshire became the first U.S. state to include Bitcoin in its strategic reserves. The new HB 302 bill allows up to 5% of public funds to be invested in digital assets and precious metals with a market cap over $500B.
Will this boost Bitcoin’s price? Could it set a trend for other states or countries? Share your thoughts!
➡️ #FOMCMeeting#
— The Fed will announce its May rate decision on May 8. Despite pressure to cut, markets expect no change. How do you think this will impact the market?
✍️ Post with #Bitcoin
Midday Analysis:
From a larger perspective, the rise from 74500 to 95780 in the Bitcoin market is a daily upward movement, with an internal 30-minute central rise. Currently, segment B is clearly not diverging from segment A, so it is highly likely that there will be another central formation above, followed by a C segment breakout. In the short term, the four-hour pullback from 95780 to 92800 is likely to be coming to an end. The current trading strategy can wait for a pullback near 93500 to go long, with a stop loss at 92800 and a take profit around 95500. Friends still holding short positions can also exit around 93500 after the pullback. However, the premise for this consolidation is that this upward movement should preferably not directly break through 95780. If it breaks through 95780 directly, then 92800 will form a third buy signal, which will directly end this upward movement (the rise from 74500). Bulls need to be cautious of this trend.
A decisive breakout or breakdown is needed to confirm the next directional move. It’s important to closely monitor further price action developments.