When Bitcoin rises, altcoins fall! When Bitcoin falls, altcoins continue to fall! This is a true reflection of the market in recent days, but everyone really doesn't need to be too nervous; as long as Bitcoin doesn't return to 30,000 points, this round of market will definitely not end. The current time point is just not the period for altcoin explosions.
This wave is similar to last month when Bitcoin broke 90,000 and reached new highs daily. Altcoins are not unwilling to rise; they are waiting for Bitcoin to break through the market cap ceiling. So after Bitcoin hit 100,000 last month, altcoins collectively took off, with many surpassing their previous highs from March this year. This wave of market is the same; although Bitcoin broke 108,000 last night, it is not a round number. Such new highs have become commonplace in the market, and they cannot even make it to trending searches. The market ahead can only excite retail investors and altcoin funds when it breaks through major thresholds like 110,000 and 120,000.
Currently, the data for BTC spot ETFs is still decent, but in the past 24 hours, there have been two divergent trends: one is that BlackRock maintains strong buying power, while the other is that Fidelity, ARK, and Bitwise have shown obvious selling. The reason for the selling is simple, it's a hedge against today's interest rate meeting. This topic has been discussed many times in the past two days, so I won't elaborate further. It's quite interesting that at a time when risk-averse sentiment is so evident, only BlackRock and Grayscale investors are buying in without hesitation. Even with the possibility of liquidity issues and a retreat in FOMO sentiment, investors from both firms have shown recognition of BTC and ETH.
So I suggest that friends holding altcoins be patient; as long as your altcoins are listed on major exchanges, the project team is still working, and the direction aligns with market demand, then there’s no problem. In fact, during a bull market, quality altcoins can achieve a surge that outpaces Bitcoin. At this time, do not casually chase hotspots to switch positions, especially for new coins on Binance or other CEXs, as it’s easy to fall into pitfalls.
Tonight at 3 a.m., the Federal Reserve will announce its interest rate decision, expecting a 25 basis point cut. The market has basically anticipated this fact. The subsequent press conference will likely be vague, focusing on reducing the frequency of rate cuts and monitoring data for guidance. In any case, the Bitcoin price is just a route of fluctuating adjustments, which is more suitable for placing limit orders to catch a dip or directly waiting for the news to be released, then looking for opportunities in the following days.
Today, during the day, BTC has pulled back, confirming strong support at 103,000. This morning, I guessed it would bottom around this area and intentionally lowered the defensive point from 103,000 a couple of days ago to 102,800. The current market price is 105,300, with a low buy already showing a profit of 1,300 points (if only the third position was taken, it would show a profit of 2,300 points). The more conservative can take partial profits, like 20%.
In the second half of the night, basically watching for a pull-up. But be cautious; consider Powell's speaking style, which is somewhat ambiguous... If there’s a downward spike, then watch for the middle track of the 12-hour at 101,888 and the daily Bollinger middle track at 100,450. After touching these points, there will be a rapid upward pull. You can casually place a little position to test your luck. If you don’t place an order, those who haven’t slept in the second half of the night can be on standby for opportunities.
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