So bitcoin has finally seen a nice relief rally on the last trading day of the month, as it continues to break away from its u.s market correlation in today's market, open the s p, 500 and dow jones both dropped one percent now, meanwhile, while all that was Happening bitcoin went ahead and broke through some key resistance levels and was up four percent in the past 24 hours and in this video we'll be talking about bitcoin's. Recent price action talk about whether or not this relief rally is here to stay and we'll also be talking about some of our june predictions as well as tara, luna pumping nearly 80 in just 24 hours. Now, like the usual, if you guys are enjoying these daily market updates, be sure to like this video down below subscribe, if you haven't done so already with that being said, let's hop into the computer and see what's going on in the market for today, so the Crypto market saw an unexpected comeback yesterday, where we even had bitcoin go up about four percent, and even in today's a 24 hour percent increase we're seeing about an 8.81 increase in the last seven days. Looking at our four-hour bitcoin chart, we can see that for about four candlesticks bitcoin was going above and below that key resistance level of thirty thousand seven hundred dollars.

It even at one point had broken above the 100 ema, which is the yellow line. For the first time since may 5th and then held that level of support in the following candles on that fifth candlestick bitcoin broke that thirty thousand seven hundred dollar resistance level, which is the orange line and shot up five point. Six percent in four hours and reached a daily high of thirty two thousand two hundred fifty dollars the chart found resistance at the 200 ema or the purple line right after that and has been consolidating since then, keep in mind that 200 ema is going to be The next key resistance level for bitcoin to break on the four-hour chart bitcoin could drop back down and re-test that 30 700 price level at some point this week. But if that price does hold, then that could confirm it as the new level of support.

Now, on the off chance, it does the opposite, and the price falls below that. Then this would suggest that the recent move was just a false breakout, and if this happens, we would want bitcoin to at least hold the 100 ema and claim that as a reliable support level. Now, before you yolo back into bitcoin, wait for the charts to confirm whether or not this breakout was indeed true, whether it's healthy or if it could be a fake out now, despite the second day of more bullish momentum, this still fails to impress other analysts who Are still a bit more bearish within the market, with bitcoin's fresh gains into the last day of may, the monthly candlestick is set to close at a loss of around 16 at the time of filming this video. All in all, if we do refresh the crypto fear and greed index, we are actually returning back to somewhat better levels than we've experienced within the past few weeks, which is sitting at a 16 for the time of filming this video now going into the top all Coins within the market you're actually going to notice that ethereum is continuing to ride back up.

So it looks like if anyone anyone did dollar cost average and buy up at any point. Last week you would be up on your investment because, for a majority of the time, ethereum was trading around eighteen hundred dollars and closely. Now it is up towards two thousand dollars. Today we even have other all coins like cardano up about 13.25 or nearly up about 17 for the week.

We still have solana not doing too much actually about down in the last seven days, still sitting at 45, but other all coins having mixed sentiment and growth. Even today, now, on the more extreme end of that, we have kava up about 19 hot about 90 percent waves up 19 axe infinity up 16. But if we go into the top losers, we have monero still down about four percent tron down about two percent ethereum down about two percent two. Now the big things to note here before we go into some of our headlines is the fact that, regardless of whether or not this is indeed the start to the next relief rally and whether or not this may last a few days a few weeks or it Could last a while could last a month or two, even whenever we're able to see this type of separation happening within stocks and crypto is always a good sign.

The past few weeks have been tough just because there isn't too much excitement happening within these markets when everything seems to be going down. If stocks go down, but crypto happens to go up. This here is that decoupling effect that we've been waiting for and talking about for the past few months. Decoupling is so important because it will separate crypto as another alternative asset, and it won't put this in a classification where even stocks, which is still known to be a much more riskier asset compared to some of the more conservative investments such as even putting your money Into precious metals like gold or buying up bonds, this here could prove that it could be the next asset class that still grows, regardless of whatever is happening in terms of macroeconomic conditions and what other alternative methods of investments could be.

Now i do think even with a little bit of green happening within the market. I don't think this should be the full signal of foaming back in just because this is not yet the confirmation that a lot of people i myself included, are still expecting to see. I would start entering the market when we get clear confirmation that we are back in a bull market, and i wouldn't confuse this with fo mowing back in it's just training based off of momentum, but it's also about seeing when that momentum really starts. If you were to invest back in just because you see about two percent green in the market, and then we continue to slide back down even further.

Obviously, that would risk you losing even more additional capital in order to make sure you're still making money in this market, but moving cautiously. It's all about making good strategic decisions without getting your emotions caught up in it, for that it even is as easy as just making sure you have certain price limits that are already set in or you're averaging in regardless of what's happening in the market. Now. Do you think that, even with a lot of the top all coins, we still have not yet seen the absolute bottom? I do think that there are going to be even more buying opportunities, even if the market continues trading flat.

So, even right now, while things have gone down significantly, it doesn't mean that we can't even see the prices of these assets going down even further. Now a lot of people within the crypto space will preach to their audience. Like you know, go ham, go crazy risk! Your money use leverage this this this, i think in most cases, rather than not, especially if you're a newer investor. It is okay to be conservative, it's okay to be holding onto more cash at this moment, and it's okay to be cautious about your trades.

Don't force yourself to make a trade don't force yourself to do anything that you're uncomfortable with just make sure that you are still involved within the space, doing your research and knowing that opportunities will be coming up now going into some of the next headlines. As mentioned in yesterday's video tara, 2.0 launched and had a successful start to their trading this fast saturday, so multiple exchanges supported the airdrop for luna holders and allow trading for the new token immediately finance. The leading exchange by trading volume announced that they would allow luna trading starting today may 31st and, as expected, luna had some insane volatile price action. At one point, we saw this asset skyrocketing to 20 to 30 on some platforms before declining back down to four dollars.

Now the prices - tara luna briefly spiked around 90 overnight to an intraday high of over 11 ahead of binance airdrop, but then it dropped back down to 7.5 or fifty cents. A few hours later, once finance launched the airdrop campaign at 2 a.m. Eastern time this morning it had opened trading for luna on its platform and luna experienced more volatile price action for several more hours. Now, in this hourly chart, the yellow arrow is pointing to the candlestick when luna began trading on binance and as you can tell within the next six hours, the price just searched and surged and it went higher and higher.

This blue highlighted box is actually showing a surge of 40 to about 10 and 50 cents, and something that i found pretty interesting is just the fact that the volume bars started from that yellow errors are pretty consistent to the hours before finance went ahead and launched Their luna campaign now i would have expected to also see a bit more higher volume just because of the sheer amount of traders being on binance's platform, but keep in mind just us being in this rather bear market and luna being a crypto that not many people Are going to want to take their chances with? I think it really does make sense on why we saw the amount of activity that we did keep in mind, guys anytime, we get spice a volume just like this within the crypto market. We see this happening so so so often this is going to be one of the trading strategies to be aware of which is buying the rumor and selling the news you can take advantage of it or as an investor, you can be careful knowing that could be Lying ahead now, on top of that, with regards to tara luna, there was actually an error in the pricing software for terra classic opening the door for hackers to drain four asset pools from the mirror protocol. So i saw this earlier today on twitter, for anyone who doesn't know mirror protocol pretty much essentially enables users to create and trade mirrored assets, also known as m assets that mirror or are closely tied to the price of stocks, as the name suggests now somewhere in This there was actually a bug in the coding that created a pricing error and the validators on terra classic reported that the price of lunacy was at point what zero zero zero zero one two cents. It was just ridiculous.

The reason why this is significant is because, during the same time, the actual price of tara luna was about nine dollars and 32 cents. Now, because of this incorrect calculation with over a thousand dollars worth of luna, hackers would be able to quickly get 1.3 million dollars in collateral, while its real value was significantly lower. As a result of this exploit, there's a hacker that was able to buy m eth at around a 97 discount and went ahead and drained the entire pool and after 12 hours from the first drainage, the hacker attacked other assets and ended up also draining the mbtc And two other pools within the protocol. Now, thanks to the developers, mirror, was saved by closing mbtc m eth and m galaxy and mdot using it as collateral, which then put a hard break on the hacker's intention to drain the remaining pools.

Now, according to rumors over on crypto twitter, the root cause was that terra classic validators were running an outdated version of the oracle software. We have this one tweet by chain link god, which stated mirror protocol, has just been exploited again due to terror, classic validators reporting. The price of the new tara 2.0 lunacoin at what we just mentioned, and then he also stated that this is a massive operations failure. Now, on top of that, it was a little bit more bad news, even on top of all that happening with tara.

Luna just seems to be a negative orb of energy, but on twitter numerous investors were claiming that their luna airdrop was much less than they expected. Luna had and responded on twitter. We are aware that some received less luna from the airdrop than expected and are actively working on a solution and more information will be provided when we have gathered all of the data so stay tuned. Now, despite what happened to tara's ust algorithmic stablecoin, another alternative that emerged earlier in may is also starting to catch fire, and this is gon na be tron.

So tron's blockchain is now gaining some serious traction, as its total value. Locked has soared to six billion dollars, and the market cap has actually gone up to its algorithmic stable coin of usdd, which expanded to more than 600 million dollars. So in the past month, if you haven't heard about this tron, just keep your eye out. Keep your ears unfolded.

Oh generally, everyone's ear is unfolded. Y'All know what i mean in the past month. The amount of funds locked on tron has increased by 44.74 and 14 in the past week. So this is all happening while the total amount of funds locked in other blockchains has dropped from 30 to even 70 percent.

Currently, tron's tvl has surpassed avalanche solana and polygon and is currently the third largest chain after ethereum and finance. So the whole ordeal going on with tron is just the fact that we could be seeing another algorithmic stablecoin called usdd or the jsc protocol, which kind of results into what we experienced recently with the terra luna crash. Now. On the contrary, some analysts believe that usdd, which is algorithmic stablecoin and its network, are in a completely different state right now and that the tron based algorithmic stablecoin is mainly supported by insiders.

What this means is that there could be room for retail and outside investors to adopt usdd and with insiders being a majority of the holders, for it there's even more room for this to grow, but at the same time, there's always going to be some type of Risk that i believe comes with these algorithmic stable coins, especially if we're not sure of how they are backing those assets. Now, anytime, we get algorithmic stable coins. One of the reasons why people tend to put their money in there is because you get some pretty juicy. Apys you'll be able to earn good amount of interest, and that is exactly what we saw with tara luna's coin and then what we had with anchor protocol.

Where you can earn 20 apy, which was supposed to be a very risk-free alternative way of being able to earn money within this market. But i will say, ladies and gents, please be careful within the crypto space. Now keep in mind, ladies and gents, that even within a market climate just like this, there will always be risk. Many people thought tara.

Luna would never be able to crash. Some people thought you know. Algorithmic stable coins were the future and then we saw it literally doing the opposite now in terms of free crypto news, because i don't know, i think it's just cool anytime. We hear a story like this too, and it's a little bit informative.

So the city of shenzhen went ahead and airdropped 30 million in free digital yawn to stimulate consumer spending, so the airdrop here is a joint effort between the city of shenzhen and maitin daiping. I definitely said that wrong. Forgive me and china is the leading food delivery. App now, shenzhen authorities will also cooperate with several major banks to distribute the digital currencies in the form of red envelopes through a lottery process to its residents.

As we've heard before in the past, where china is not a fan of crypto crypto is a scam. It bans mining. We then have china stepping in and being the communist country that it is it's now trying to use and push its cbdc or central bank cryptocurrency onto their people. Now the government has also introduced a series of pilot programs to incentivize users to pay via digital currency.

Last month, the country's central bank added nearly a dozen new cities to the existing 10 major pilot cities to test the use of ecny. Now my opinion, i think china is just secretly trying to be one of the first leaders within the entire world of being able to use crypto dominantly. At the same time, crypto is shown to be democratic. It's shown to be more freedom based where we're not controlled by other singular entities, and i believe china understands this, and what they're trying to do next is really just control the entire flow that is going to be having their own stable coin and having their own Cryptocurrencies and forcing their people to use this primarily now only time will tell what exactly plans out with this major country.

But it should at least give you a signal that when other countries are doing a massive air drop of 30 million, and then we get even more additional news just talking about their citizens getting forced to use their own central bank currencies, we should get an idea That crypto is significant, crypto is here to stay and we are going to see continued developments happening within other countries for the next few years and even i think, going into our lifetime. If we were trying to make an investment during some of the most rough times within the market, and then you have a span of five to ten years of a hold time are stocks and other investment assets going to be something that completely just revolutionizes the world. Compared to where crypto is literally going from industry to industry, with other parts of its technology actually making a difference, anything that does have a major upside usually follows with more risk, so keep in mind. Never i would never recommend anyone to be yellowing all their money into just you know.

One asset class or even one cryptocurrency have diversity within your portfolio, whether it's other investments, whether it's physical assets, whether it's stocks, the indexes with crypto stable coins, defy nfts just spread. It out have a portfolio pie where you're able to look at it and be like okay. If one asset class happens to not do well, maybe it's play to earn games that take a little bit longer for it to do better. You still have these other asset classes, where, if the market does resume a bull rally, you will be ready and you'll still be going up in value, and hopefully those assets will outweigh any type of losses you may incur with other assets now guys that is going To be today's update, i got a quick message from today's sponsor, so nothing new, but we actually have ftx linked down below in the description and for anyone who actually hasn't heard by any reason.

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Technical analysis from some of our best advisors, as well as access to a community of other investors with a patreon link down below now. One more thing: i usually do a secret code word for me personally guys i started cutting season like a few weeks ago, it's been rough up in working out a bit more trying to get back into the gym, trying to eat a lot more healthy. So you know in honor of the cutting season. Let me know if you guys are doing that down below too.

I read a lot of the comments. The secret code word for today, though, is going to be cut, comment that down below, if you guys made it to the end, like the usual, have an amazing day and i'll see y'all soon. Peace.