Bitcoin stopped at 100,000 USD, basically in line with expectations. Market liquidity has increased, and large-cap coins are starting to rebound, with XRP, ADA, and SAND leading as they have tax benefits. Although Ethereum has performed weakly so far in this round, related assets like UNI, LINK, and other DeFi projects are also mediocre. This is because the recent SOL movement is genuinely revolutionizing Ethereum, outperforming it in terms of scale, application products, wealth creation efficiency, speed, transaction fees, and chain performance. Not to mention that capital is primarily driving SOL. However, Ethereum is still the leading altcoin, and a rebound will eventually come; we just need to be patient.
The market experienced significant fluctuations yesterday due to sector rotation, creating momentum before the switch of popular sectors. The current turbulence may be a time for trapping investors, or maybe some are starting to cut losses at the bottom. The market's performance yesterday changed from the chaotic rise seen the day before, leaving many feeling at a loss. For many of the older coins that have recently risen, some have entered the market at a high. Many people are now hesitant about these older coins. The pull-up of these mainstream coins can be seen as a current phase of hot topics because their function is significant; they can effectively bring back investors who previously left the market, attracting new funds. Subsequently, leading coins in various sectors and mid to large-cap coins will see a nice rebound, followed by smaller cap altcoins.
Bitcoin's market on Saturday and Sunday moved slowly, primarily adjusting, which is within our expectations. After reaching a new high of 99623 early Saturday, it began to pull back and enter adjustment mode. The lowest point reached 95840 at midnight, starting a rebound, currently running around 98000. From the current structure, the coin price is in an adjustment trend after a high pullback, and it is currently trending towards price correction, with limited pullback. This can also be understood as a method for bulls to build momentum, as there is still ample space above. As long as there isn't a deep pullback or continuous reverse movement in the short term, it is unlikely to form a reversal. For the future, we will continue to treat it as momentum building, and after the trend completes, the coin price will again see a surge. At the beginning of this week, we remain bullish on a breakthrough of the previous high.
Ethereum reached a high of 3500 on Saturday night and is now in a pullback, with the lowest point hitting around 3282. From the current technical structure, the coin price is within an upward channel, and the slight pullback will not affect the overall trend. The strong structure remains unchanged, and we continue to maintain a low long strategy. Currently under pressure in the upper range, it has shown some pullback but not significantly. In the short term, we should pay attention to the break of the resistance level around 3460-3500. It remains within the channel and holds support, showing limited pullback. If it closes high and remains at a high level, we expect a time correction, so the lower point will not easily break. Therefore, a pullback is still a buying opportunity.