Bitcoin was once again doused with cold water amid the market's clamor, with the price dropping from the historical high of 108,353 USD at 10 PM on the 17th to a low of 98,802 USD at 10 AM today, a drop of 9,551 USD, marking a significant decline. In fact, the market's high sentiment led to frenzied buying, resulting in many bullish contracts being held, making a washout inevitable. The expert reminded everyone in the analysis article the day before yesterday that when the bullish pattern of Bitcoin is evident, do not chase after buying high; instead, buy in batches after a sufficient pullback. The price has deliberately fallen below 100,000 USD, and the expert believes the pullback is nearing its end, with the price set to begin a fluctuating upward pattern.
Due to the Federal Reserve's interest rate cut last night and the increase in inflation expectations for next year, the U.S. stock market experienced a significant drop, which also affected selling behavior in Bitcoin as an asset. The main concern in the market is that the pace of interest rate cuts may slow down, leading to a reduction in liquidity and impacting asset price increases, resulting in early selling. Comprehensive of the above factors triggered a downward trend. The expert believes that Bitcoin has been consolidating around 97,000 for a long time, reaching 20 days, and this range has relatively solid holdings. The price is expected to support above 94,000, and after experiencing fluctuations, it will still start to rise.
In the mainstream altcoin sector, the expert has already provided trend expectations in previous articles. After the extreme drop on the 10th, the market faced a significant washout, and the expert immediately wrote an analysis stating that the price would hover at the bottom before showing a clear upward rebound. Subsequently, when the market perceives bullishness, there will be continued downward tests near the bottom shadow support, causing a notable pullback. This pattern has been observed multiple times by the expert, reminding everyone to grasp this rhythm, buy low and sell high, while continuing to reserve holdings near the bottom shadow. Currently, the trend is consistent with expectations, and most cryptocurrencies have rebounded and then fell back into the shadow support area after the significant drop on the 10th.
Under the current circumstances, the expert believes it is time to increase positions in quality cryptocurrencies. Additionally, due to the relatively sufficient decline, spot holdings can reach a relatively high position, and then patiently wait for the market to warm up. The market sentiment remains, with a healthy bullish foundation, and the rise of some quality cryptocurrencies is still on an upward trajectory and will not be halted due to a short-term drop. Currently, there is still more than a month until the new administration takes office, providing ample time for speculation and heating up.
Regarding the upcoming BTC trend, as the price clearly dropped below 100,000, there was a significant buying interest, and a long lower shadow bullish candle appeared on the hourly chart. The expert believes that the market adjustment is in place, and the price will start a fluctuating upward movement. In the short term, even if there is further suppression, it will be difficult for the price to break below the strong support level of 94,000. This area also serves as a rebound support level from 4 AM on the 12th and 1 AM on the 11th, indicating relatively strong bullish defense.
In terms of spot participation, based on the recent trends, it is recommended to prioritize quality cryptocurrencies such as PENDLE, ETHFI, Link, FTM, and ENA. At the same time, it is not advisable to liquidate positions amid panic, as the price represents a value low after a significant pullback, making it less advantageous to cut losses.
In summary, the expert believes that mainstream altcoins have completed the expected pullback near the shadow support and that the price will continue to show a clear rebound trend after consolidating at the bottom, extending the bullish path.
Risk warning: Due to significant market volatility, it is not recommended to engage in large positions in contracts; it is advisable to focus on stable spot trading.
Must-read for crypto friends: The main operators have various trading strategies, and ordinary participants can easily be confused and incur losses. Stay updated with the expert to help you stand from a higher vantage point and pursue wealth in the crypto space with a professional perspective.$BTC $ENA 
