At 4 am today, the market began to fall continuously, and Bitcoin fell directly below the $60,000 mark, falling to around $58,000. From yesterday's highest point, Bitcoin fell nearly 5,000 points in one day. Today we will analyze the reasons for this decline, and discuss the future market trend and how to make a layout:

The first big news yesterday was about Mt.Gox. Mt.Gox plans to start compensation for Bitcoin (BTC) and Bitcoin Cash (BCH) in July. Mt.Gox lost about 940,000 Bitcoins that year, which was worth $424 million at the time. So far, 15%, or 141,868 Bitcoins, has been recovered. According to calculations, it is expected that about 95,000 Bitcoins will be used to pay claims, of which about 20,000 Bitcoins will be allocated to the claim fund, 10,000 Bitcoins will be allocated to Bitcoinica BK, and about 65,000 Bitcoins will be allocated to individual creditors (65,000 This figure is much lower than the 141,868 Bitcoins reported by the media before). In addition, the compensation of Mt.Gox will be carried out in batches.

As for the selling pressure that the market is worried about, I don't think it will have such a big impact. Although the market chose to fall immediately after the news was released, this is also a normal reaction. The market usually chooses to be bearish first, and then slowly corrects if it is wrong.

Last night, the US stock market performed poorly, with the Dow Jones Industrial Average up 0.67%, the S&P 500 down 0.31%, and the Nasdaq Composite down 1.09%. Nvidia (NVDA.O) fell for three consecutive trading days, down 6.6%, and its market value fell below $3 trillion, lower than the market value of Microsoft and Apple. Digital currency concept stocks also fell sharply, with Coinbase (COIN.O) down more than 6%.

In addition to these influencing factors, Bitcoin itself is also in a downward correction and adjustment phase. Since it fell below the support level of 63,000, I have been saying that it will continue to fall. Even without the above two reasons, the market will adjust. It may not be so fast, but it will fall to around 58,000.

Last night’s drop caused many investors to lose their positions. According to data from Coinglass, the total amount of liquidation in the past 24 hours reached $270 million, of which $250 million was liquidated for long positions and $19.38 million was liquidated for short positions.

The current market is worth mentioning:

While Bitcoin fell below the $60,000 mark and dipped to near $58,000, altcoins were not affected at all. For example, the three AI Musketeers $FET, $OCEAN and $AGIX have all seen significant increases. At the same time, some meme tokens such as $WIF also experienced significant gains. Altcoins have already fallen, and it is only a matter of time before they rise again. The amount of increase depends on whether it is a popular track and other factors.
Therefore, now is the best time to look for altcoins, and everyone must pay more attention. Choosing the right track is more important than choosing the right coin. If the track is right, the leader and the second leader will not be too bad. Let's wait together!

Is the market about to end its adjustment? Xiao Miao recommends a few good targets for your reference.

TON: As an important member of the Telegram ecosystem, it has emerged in the cryptocurrency market with its 900 million user base. Its market capitalization ranks in the top nine, and its total locked value TVL is as high as 609.78 million US dollars, fully demonstrating its strong market influence. Recently, TON has set a new high of 8.25 US dollars, which is an eye-catching performance. Despite the constant market fluctuations, TON has still achieved a 7.4% increase in the past 14 days, and the sentiment is generally bullish. The fear and greed index is as high as 71, indicating that it still has huge room for growth in the future.

NOT: It has fallen from a high of 0.0218 to yesterday's lowest of 0.0126, almost halving, and is currently quoted at 0.0143. If it can break through 0.0166 in the short term, it is expected to regain the 0.02 mark.

INJ: Since June 18, INJ has begun to bottom out at the bottom of the year. Yesterday, it rose 10% against the trend and is currently quoted at 23. If it retreats to around 21.5, it will form a buying opportunity!

BB: Yesterday, a positive line with a lower shadow was closed. The current price is 0.387, which is at the low point of the upward trend. The short-term target is in the 0.5-0.6 range.


There are two important events in July:

The first one is ETH ETF (compulsory question, 20 points here, take it if you want). Seize the opportunity of the retracement to lay out the ETH ecological leader, and start again from the bottom position. This is a good opportunity to turn losses into profits (I will look for opportunities to lay out and change positions in the small group).

The second is that Trump will attend the Nashville BTC 2024 conference on July 25. This is undoubtedly the largest BTC event this year. After the adjustment in June, July is very worth looking forward to. Please be sure to seize the layout opportunity of this callback.

That’s all for today’s article. We are currently in a bull market, and the situation is turbulent. We have passwords to share every day.