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Alts hotspot migration Analysts are optimistic about Bitcoin reaching 110,000 USD
Crypto Assets Market Observation: Altcoin Hotspots Shift, Analysts Optimistic About Bitcoin Breakthrough
Market Overview
The recently released US non-farm payroll data for May slightly exceeded expectations, easing market concerns about an economic recession. The data shows that the Federal Reserve has a very high probability of keeping interest rates unchanged in June, with the probability of maintaining them in July also exceeding 80%. However, market attention has shifted to the upcoming May CPI report to observe whether the trend of declining inflation has stagnated.
A certain investment strategist recently warned that there is a huge gap between U.S. government spending and revenue, leading to a significant devaluation of the dollar. He predicts that there may be a key policy turning point between mid-June and early July, including a shift in trade policy, a peak in global defense spending, and the determination of U.S. tax reduction policies.
Crypto Assets Market Dynamics
Bitcoin performed steadily over the weekend, primarily dominated by fluctuations. Last week's closing price stood above the 10-day simple moving average. A crypto analyst pointed out that Bitcoin has remained above $104,400 for four consecutive weeks, with this level transitioning from resistance to support. Another trader predicted through order book analysis that Bitcoin might experience "magnetic" fluctuations to attract liquidity. He expects Bitcoin to see significant volatility this week, potentially breaking through $109,000 to $110,000.
In the altcoin market, on-chain profits are becoming increasingly difficult, especially on a certain public chain. Many traders are turning to other public chain ecosystems. The DeFAI+InfoFi project in a certain public chain ecosystem surged 166% within 24 hours, while another project has been rising for 5 consecutive days, becoming a strong emerging token on that chain. In addition, AI-related projects and letter concept coins have also become popular trading targets. In another emerging public chain ecosystem, several projects have performed brilliantly, such as a certain AI token which nearly tripled in 24 hours, with a market cap exceeding 35 million USD.
Key Data
As of June 9, 12:00 HKT:
Market Outlook
Several important events and data will be released soon:
In terms of market hotspots, certain tokens will see large unlocks, with the unlock value of a certain public chain token being approximately 52.7 million USD. In addition, a certain investment institution has purchased a total of 6.43 million USD in 7 types of tokens within a month, currently facing an overall unrealized loss of 13%.
Overall, market participants should closely monitor the upcoming economic data and policy trends, while being aware of potential market volatility risks.