PUFF is currently in a range-bound pattern, significantly influenced by Bitcoin's performance at key levels and overall market liquidity. If Bitcoin holds firmly above $75,000 and maintains liquidity, PUFF is expected to test the upper boundary of the 0.0753 range in the short term; otherwise, should Bitcoin lose the $74,000 level, PUFF may face increased downward pressure, making it critical to monitor the supports at 0.0742 and 0.0738. Both trading volume and on-chain metrics indicate pressure on capital inflows, with rising arbitrage costs. In the short term, a defensive position is recommended, closely monitoring overall market sentiment and support effectiveness, proceeding cautiously to prevent further downside risk.

From the daily chart perspective, PUFF’s price has been moving sideways between 0.0742 and 0.0753 since the end of March, with overall trading volume narrowing, indicating a stalemate between bulls and bears in the short term. Recently, Bitcoin broke above the $75,000 mark but encountered resistance near $78,000, increasing attention on the critical support at $74,000. This dynamic of strength and weakness in Bitcoin can transmit sentiment to PUFF. If Bitcoin stays above $75,000 without significant deterioration in liquidity, PUFF could ride the market momentum to challenge the upper boundary of the trading range. Conversely, if Bitcoin loses key support and pulls back, PUFF may find it difficult to break out of its sideways pattern in the short term. Overall, the current macro sentiment is cautious, with mixed bullish and bearish forces. While there is some room for a short-term rebound in PUFF, close attention should be paid to the effectiveness of Bitcoin's key levels.

Bitcoin recently surpassed $75,000 for the first time in 73 days, facing resistance near $78,000 with $74,000 seen as a critical support level for further gains. Market views diverge: bears cite weak macro liquidity and reliance on short-covering, while bulls highlight strong whale accumulation and potential breakthroughs above key moving averages. The broader market shows mixed signals amid geopolitical developments and fluctuating investor sentiment.

Trading moment: BTC encountered resistance at 78K, and it needs to hold 74K to aim for a breakthrough.

Recently, there has been a divergence between market trading volume and on-chain activity, with indicators showing an increase in net outflow signals, especially with rising costs for arbitrage long positions. This suggests selling pressure is accumulating. Although mainstream ETFs have seen some capital inflows, these mainly benefit large-cap assets, intensifying the capital outflow pressures on mid- and small-cap coins. With PUFF's relatively low liquidity, the ability to absorb sell orders in the short term is limited. Should overall market sentiment turn cautious, PUFF's price may further test the support at 0.0742. If this support is broken, the downside could extend to the 0.0738 level. In the long run, it is necessary to track PUFF’s fundamentals and holding costs, but at this stage, one should remain alert to the downside risks caused by capital outflows.

Puff The Dragon

BoE: MPC Maintains a Cautious Stance – Rabobank

Euro-zone inflation probably jumped in April to the highest in 2 1/2 years as fallout from the Iran war squeezed economies across the currency area

USD/JPY: Supported but capped below 160 – DBS

The U.S. Attorney for Washington, D.C.: Will stop the investigation into Powell's Federal Reserve building costs.

The final value of the one-year inflation rate expectation in the US for April is 4.7%.

Bank of Canada to hold interest rates this year, show patience with energy inflation: Reuters poll

ECB: Rate hike call pushed to June – Rabobank

Economists raised their estimates for US inflation and said they expect only one Federal Reserve interest-rate cut this year amid elevated energy costs sparked by the Iran war.

The central bank and eight other departments: Prohibit providing online marketing services for virtual currency issuance and trading.

USD: Cautious tone into weekend – ING

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PUFF price today is 0.07, with a live price change of -3.27 in the last 24 hours. Convert, buy, sell and trade PUFF on Bybit-eu.

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