Overnight, the three major U.S. stock indexes closed higher, with the Dow rising 0.97%, accumulating a weekly gain of 1.96%; the S&P 500 index rose 0.35%, accumulating a weekly gain of 1.68%; and the Nasdaq rose 0.16%, accumulating a weekly gain of 1.73%. Large technology stocks had mixed results, with Tesla rising nearly 4%, Microsoft up 1%, and Apple, Netflix, and Intel slightly up; Nvidia fell over 3%, Google dropped over 1%, and Amazon and Meta slightly declined. Among them, Tesla reached a new high since April 2022, with a total market value of 1.13 trillion USD; Netflix has set a new high for five consecutive trading days. Bitcoin has reached a new high, breaking through 99,500 USD, and the altcoin market has begun to show differentiation. Newly launched coins are at the forefront of declines, while older coins with narratives are reflecting significant gains.
We are about to witness the historic milestone of Bitcoin reaching 100,000 USD. In recent days, the market has continuously risen to high levels, with the prices of Ethereum and other mainstream coins being elevated time and again. Bitcoin is just a step away from the 100,000 mark. How will the subsequent market trend develop? Bitcoin has rebounded strongly with five consecutive daily gains, and from the perspective of weekly rebound space, it has also formed four consecutive weekly gains. However, we need to pay attention to whether the 100,000 level can stabilize, and we must guard against the market probing high and then retreating. It is not advisable to chase high prices again; previously, it was a steady and slow rise, but with the release of volume, we must also prevent the risk of probing high and retreating! Looking at the 4-hour chart, relying on the middle track, we see a strong upward rebound. Today is Saturday. Whether the market continues to rise or maintains the previous tug-of-war trend remains to be tested. Personally, I predict there will be a probing high and retest today, and the closing position will determine the strength of the market continuation. Will it be probing high and then retreating, or will it be a horizontal consolidation and correction after probing high to build momentum, thus determining the short-term strength transition? In terms of the market, there is still a significant risk of probing high and retreating, so it is not advisable to chase high prices today. The main idea is to try to short after a surge!
There will definitely be a season for altcoins, but not all altcoins will rise, so selecting coins is very important. The cryptocurrency market is highly competitive, and the long-tail effect is very weak. If the coin you choose does not have new hotspots to attract funds, then the continuous value of this coin (long-term consensus) is generally quite weak, and it is simply insufficient to support long-term capital inflow, leading to a rapid shrinkage in market value. A track that was popular a year ago may only have a strong leader remaining after a year, while the others have been obscured. For example, the leader of the inscription track, Ordi, can you think of any other inscription coins? What is the current situation of these coins, and how much have they shrunk compared to their historical highs? Coins like BTC, SOL, and PEPE have all surpassed their historical highs now; why have some altcoins lagged behind in this bull run? I suggest friends replace junk coins when necessary; holding onto them will only cause you to miss out on this bull market. If you are unsure how to select coins—join the YiBo live room and chat with us!