Market Analysis
In terms of market conditions, the validity of Bitcoin's recent breakthrough is relatively high. After the breakout, the overall supply performance in the market is not strong. Currently, it is in a sideways adjustment phase, with the market waiting for the 5-day moving average to move upwards.
If it can be confirmed that supply is in a state of scarcity at this position, the probability of continuing the upward trend in the future will be very high.
From the perspective of larger trends, there are no abnormal situations; it is currently in the stage of a right-side breakout of a continuation structure, and attention needs to be paid to the ongoing state of demand.
In this case, we should continue to hold positions and remain patient.
ETH is in a correlated state with Bitcoin, showing a rebound from an oversold condition.
The short-term pressure level for the exchange rate is at 0.04. To confirm the formation of an upward trend, it needs to break above 0.045.
Regarding altcoins, they are moving in sync with Bitcoin.
Currently, most altcoins are still in the bottom area, and from this perspective, it is a region that can be considered for building positions.
However, the altcoin season has not officially started yet, and funds have not yet entered the most frenzied moment, so we still need to be patient.
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Market Data
The current Fear and Greed Index is 75, which to some extent reflects the emotional state of the market.
