Svmuu reported that Bitcoin weakened again after the US stock market opened on Wednesday, briefly rising to around $77,678 before pulling back, continuing the structural trend seen this week of "strength during Asian hours, weakness during US hours".
The market is closely watching the upcoming Nvidia earnings report, which many institutions consider one of the most critical macro volatility triggers this quarter. Influenced by this, sentiment was cautious before the US stock market open, with the S&P 500 falling about 1.3% at one point before recovering slightly, but overall risk appetite remains weak.
On the on-chain and spot structure front, the Coinbase Premium Index has dropped to multi-month lows, indicating persistently weak buying pressure in the US market. This indicator has remained negative recently, reflecting relatively insufficient spot demand in the US region. Even with Bitcoin prices still at high levels, marginal buying has not increased correspondingly.
Technically, Bitcoin has again fallen below the 21-week Exponential Moving Average (21W EMA). Analysts point out that this level may shift from support to resistance. If Bitcoin fails to reclaim this level, it will increase the risk of short-term consolidation and pullback. Overall, the market has entered a wait-and-see mode amid the combination of major tech earnings reports and macro uncertainty. (Cointelegraph)