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The Consumer Price Index (CPI) surged recently, buoyed by favorable news. However, Federal Reserve Chairman Jerome Powell's early morning comments spooked retail investors, leading to a sell-off and a subsequent market decline. This volatility has caused significant concern among investors.
Bitcoin ETF Inflows and Stock Market Performance
Despite the turbulence, Wall Street's Bitcoin ETF ended the day with net inflows, adding 1,450 bitcoins to its holdings. This positive activity coincided with a sharp rise in the US stock market, which is expected to open higher today. Investors are advised not to panic and remain calm in the face of these fluctuations.
Bitcoin Trading Strategy
For those holding long positions in Bitcoin, our recent trades have been profitable. We initiated long positions at $66,000 on the 11th and successfully took profits at $68,000 and $69,000 yesterday. Given the current market conditions, it is advisable to consider opening long positions again if the price stays above $66,000. There is strong support for a potential second bottoming out and subsequent rebound. If the price falls slightly below this level, we recommend implementing stop-loss orders and positioning against support levels. The profit-loss ratio remains highly favorable.
IO Token Strategy
In addition to Bitcoin, we recommended entering the IO token market at $3-4. Yesterday, we took profits at $6 within our community. Currently, we suggest buying more IO tokens in batches around $4.5 and $5. However, investors should be aware that new currencies can be highly volatile. The next significant surge will likely require a broader market recovery, so patience is key.
In summary, while recent market movements have caused some concern, there are still strategic opportunities available. Bitcoin and IO token positions can be managed effectively with careful monitoring and adherence to recommended trading strategies.