Today is January 9, 2025, Thursday. The market fell for a whole day yesterday, and it began to accelerate downwards again until 1 AM. Bitcoin dropped to a low of 92,500 USD before starting to rebound, peaking at 95,300 USD before retracing. Currently, the support level to watch is near 92,500 USD, with strong support at 91,500 USD. Ethereum dropped to a low of around 3,200 USD yesterday before starting to rebound. This position is also a key support level that was not broken during the last major drop, so it quickly rebounded upon reaching that level last night. Currently, support levels to monitor are 3,200, 3,100, and 3,000, with each 100-point drop considered relatively strong support.
In the past few days of continuous decline, the price of the altcoin has almost been pushed back to the starting point. Last week there was a slight recovery, but it fell back to the original point overnight. Retail investors have been making small profits only to lose them again. Just when there seemed to be hope, there was a significant drop. However, opportunities often arise from declines. Before Trump’s election, the market also experienced a continuous drop, and it wasn't until the eve of the announcement that the market began to rebound. The situation now is quite similar; it’s been a relentless decline, and the market always finds hope in despair. When the market is good, major news media report that Bitcoin is about to reach 110,000 or 120,000. When the market declines, the media starts speculating that it will fall below 90,000 or 80,000.
Last night's drop was also due to news that Americans are going to sell Bitcoin, leading to a further decline. However, the support at 92,500 for Bitcoin is still relatively strong. This bull market has reached this point, and many altcoins are still at the bottom. The performance of Ethereum has also been somewhat disappointing, and many people can't help but start to doubt whether this is still a bull market, or if there is still a bull market. The answer is that the bull market is definitely still here. However, what we need to ensure first is to survive our positions in the upcoming market washout. The subsequent rise will then relate to you.
The time until Trump takes office is getting closer, and tomorrow is a crucial day. Whether the current downward trend can be reversed depends on tomorrow's 'hush money' lawsuit and the non-farm payroll data, which will determine the further direction of the market!
Based on the current long-short data from OKX, Bitcoin has already reached a relatively safe zone. Although it’s uncertain whether the specific bottom has already appeared, I am personally quite confident in the upcoming favorable speculation regarding Trump. Thus, the current low is the time to lay the groundwork. Whether it breaks below 90,000 or pushes up to 100,000 again, the cost-performance ratio for bottom fishing at this position is already very high. The altcoins have provided ample opportunity to get in; just be bold in your positioning when prices are low!
There's not much else to discuss. The US stock market is closed tonight, so the market's fluctuations are limited. If there’s a sharp decline, we should buy in batches. For major shifts, we will pay attention to the data released tomorrow night and then see how it goes.
Positioning for the market after Trump takes office; declines are opportunities! Be patient and wait for the rebound to arrive!