The following is an in-depth analysis of the current dynamics of the cryptocurrency market and global stock markets:

The cryptocurrency market has experienced a sharp plunge, non-agricultural data has performed poorly, and the interest rate cut that the market originally expected has not arrived as expected, because the interest rate cut policy has basically been implemented and its stimulus effect has gradually dissipated. In this context, the market trend in the short term is particularly critical. We need to pay close attention to whether Bitcoin can hold $58,000 and whether Ethereum can maintain $28,000. These two price levels are not only their own important support, but also the previous low levels of most other currencies. Of course, there will always be some weaker currencies in the market that may set new lows.

This plunge not only affected the cryptocurrency market, but also the global stock market. The Japanese stock market continued to plummet after reaching a historical high, the German stock market has fallen below the recent head, the British and French stock markets formed a small double top on the weekly line and then fell sharply, while the US stock market Dow Jones was particularly weak, with two top divergences on the weekly line, and the S&P and Nasdaq also fell sharply to the monthly rising trend line. The market generally expects that even if there is a rebound, it may continue to fall in the future.

The interest rate cut policy is no longer enough to offset the market's concerns about the US economic recession. Wall Street's fear index VIX soared 50%, breaking the bottom in a year. At the same time, Intel and Amazon's financial reports were lower than expected, and the quarterly financial reports of Google and Tesla released earlier were also disappointing. These negative news further exacerbated the panic in the market.

Looking back at history, the last small panic of Bitcoin caused the market to rebound for half a month. However, this time Bitcoin fell below $60,000 not only because of a technical break, but also because it did not continue to fall after the last break, and then rebounded sharply in the following week. Ethereum repeatedly formed support at the price of $2,800, and stabilized several times without breaking, so this price is particularly critical. In this case, we need to be more cautious, and SOL's strong support level is around $135.

The current market is full of uncertainty, and we need to pay close attention to market dynamics. In the absence of panic plunges, we should observe market dynamics more and wait for the technical side to stabilize and show signs of rising before considering bottom-fishing. To prevent extreme market conditions and protect our investment security.

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