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The cryptocurrency market experienced a roller-coaster ride last night. The core CPI for May in the US last night was 3.3%, lower than the expected 3.4%, which is considered as favourable information. Federal Reserve Chairman Powell's ambiguous remarks on interest rates were interpreted as unfavourable, leading to an initial rise and subsequent fall in the market last night. Especially, Powell's speech exhibited a smooth and sly tone, which was interpreted by the market as a sign of no hope for an interest rate cut, with the 'hawkish' stance dominating the upper hand. As a result, Bitcoin once again experienced significant fluctuations in the early morning, dropping to a minimum of 67200, and Ethereum dropping to around 3510. The magnitude of the fluctuations was so great that the futures market saw a showdown between long and short positions. Particularly, the US Bitcoin spot ETF experienced selling off yesterday, raising concerns about the trend in the cryptocurrency market in the second half of June!

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Bitcoin rebounded sharply in the evening due to the favorable CPI news, breaking through the 70000 level in a short period of time with a maximum increase of 5.8%. After reaching the high, the price quickly fell back and gave up the gains, ultimately failing to stabilize above the key resistance level of 70000. After a brief pause, it started to retreat, and the daily chart did not form a clear breakout trend, remaining in a high-level oscillation in the short term. Once again, it's like a roller coaster! There was a significant fluctuation in the early morning, with the lowest point falling to around 67200, indicating an overall bearish trend. The short-term bias is towards consolidation, and without further encouragement from favorable sentiment, it is not enough to form a rhythm change. Therefore, the focus is still on shorting around the rebound. After digesting the excessive decline before the data, the next step is to observe the rebound situation. Prepare to take profit in batches in the short term to avoid giving back profits!

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Ethereum peaked at around 3655, with a maximum increase of 6.4%. The entire altcoin market also rebounded, seemingly with strong momentum. However, all of this is caused by fundamental news, a familiar old saying. Whenever fluctuations are caused by fundamental news, their sustainability is very poor. The overall market trend is still bearish, with a pullback in the early morning due to the interest rate decision and remarks from Powell, falling to around 3510. After the four-hour candlestick pullback broke the upward trend line, it fell below the trend line. The idea is to continue shorting near the upper resistance level after retracing, with the EMA trend indicator alternating downward, and KDJ encountering resistance near the 3630 level. After the Bollinger Bands moved downward, the lower support came to 3420, while attention is on the upper resistance level of 3755. Although the MACD volume increased, the candlestick encountered strong resistance. The trend is still in a strong bearish phase, so the idea remains to focus on shorting near the retracement pressure level.