Bulls are back! BTC firmly above $10k, aiming for $11k with high market sentiment! Bitcoin's price rapidly climbed, breaking the $10,000 mark, with the cryptocurrency market collectively surging. Bitcoin broke six digits for the first time on December 5, 2024, and reached a new historical high on the eve of President Trump's inauguration in January. This is Bitcoin's first return to $10,000 since February this year, again sparking widespread market attention.
During this price surge, Bitcoin's market dominance rose above 60%, different from previous breakthroughs, reflecting stronger bullish sentiment.
Bitcoin's rise above $10,000 is driven by multiple factors:
Macroeconomically, Trump's hint of trade agreement with the UK enhanced market risk appetite, declining bond yields and a weakening dollar provided support, and spot Bitcoin ETF saw institutional fund inflows of $1.8 billion boosting the trend; on the industry level, two US states signed bills allowing state-level Bitcoin reserves, enhancing market confidence in crypto asset acceptance.
However, Bitcoin's future remains uncertain. The US budget data on May 12 and CPI data on May 13 are crucial. Technically, the key resistance zone is $101,500 to $106,500, and staying above $101,000 may challenge the historical high, while falling below $93,780 support could trigger a pullback to $80,000.
People have been discussing Ethereum's potential reversal and rise. This green candle with a single-day surge of over 23% directly propelled Ethereum's price between two blue lines. After a long consolidation, Ethereum's breakout power is impressive, with trading volume over three times the recent daily average, indicating a volume-driven rise.
The rapid short-term rise may lead to adjustment, but the accumulated potential won't diminish. The correction won't be too steep, with the blue line serving as crucial support, with pullback levels between $2,060-$2,120. Ethereum's rise will drive its ecosystem, especially re-staking ecological tokens. These pullback moments are good entry opportunities.
Daily resistance levels: $2,310-$2,450-$2,510-$2,690, support levels: $2,120-$2,000-$1,890-$1,740
Which Altcoins to watch? Besides ETH, this rebound's best performers are AI and MEME sectors, with other sectors essentially dead. Future Altcoin strategy should focus on MEME and AI sectors. Of course, specific coins need individual assessment. For RWA and gaming, some peripheral attention is recommended. This round needs something different, not just memes. Once Ethereum ecosystem's attention recovers, related sectors might see speculation.
In summary, manage positions short to medium-term, and layout some coins long-term. Some rebounds are promising, like AI agent track coins. If time permits, don't miss chain opportunities, especially on SOL chain, but avoid large positions!
Large positions in BTC ETH SOL, small positions in AI and MEME. Performance statistics of Altcoins: Public Chains: $SOL $SUI AI: $TAO $FARTCOIN $VIRTUAL $ALCH $AVAAI $AIXBT $AI16Z MEME Coins: $PEPE $TURBO $MEMEFI $BONK $NEIRO $SIREN SUI Ecosystem: $CETUS $DEEP Lending: $AAVE
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