MARKET UPDATE (Quick read) – January 3, 2025
$BTC Analysis:
BTC continues to show signs of seller exhaustion, indicated by the narrowing price range and the gradual decline in trading volume (see the left chart below).
Under the current market conditions, there are two possible scenarios:
- 70% probability: $BTC will continue to move sideways and consolidate at this price range before reversing and resuming its upward trend.
- 30% probability: $BTC might drop to the $87,000 zone (a strong support area at Fibonacci 0.382) before reversing and resuming its upward momentum.
Altcoin Market Overview:
Looking at Total 3 (see the right chart below) on the weekly timeframe, Altcoins are showing a decent recovery, driven by the rebound of BTC and the decline of BTC.D (Bitcoin Dominance).
However, this recovery remains technical in nature, as evidenced by the currently low trading volume, indicating a lack of strong buying pressure (see the right chart below).
Altcoins will only enter a true growth phase once BTC officially confirms a return to an upward trend
⭐IMPORTANT NOTE👇:
This is a sensitive phase for Altcoins, so risk management is crucial. If BTC breaks below the $87,000 support zone, I will immediately update everyone!