This article includes:
Bitcoin fluctuates repeatedly, is the bull market over? What stage is the cryptocurrency market currently in?
The Depin track is favored by capital, which tokens are worth investing in?
The market is hyping the Ethereum series, can the Ethereum ETF pass smoothly?
Hello everyone~ This is Wang Buai's Binance homepage. Welcome to like and follow us to get the latest analysis of the crypto market~
Bitcoin Market
First, on a weekly level, Bitcoin has fallen for five consecutive weeks and is currently testing the critical support level of $60,000.
The recent short side energy is significant, and the long-term energy trend and bottom energy performance have a significant impact on the subsequent trend. Bitcoin is obviously in a downward trend in the short term.
At the daily level, it also shows a state of continuous decline. The bullish force has almost disappeared on the daily line, and the performance is weak, which is closely related to the capital flow of Bitcoin spot ETF.
Recently, the net inflow of funds into ETFs has been decreasing, and even turned into net outflow. This trend is obvious in the market performance.
Finally, looking at the 4h chart, in this time frame, the strength of the bulls also appears to be very weak.
By observing the 4h level chart, we can more clearly see the weak state of the bulls at the bottom.
So when will Bitcoin end its oscillation cycle? And where is the bottom support?
As analyzed in the previous video, I still believe that the support level is $60,000.
A break below this level could trigger a rapid decline to $56,000 to $57,000, which is the 0.382 Fibonacci retracement level and a key attraction point.
In contrast, the 0.618 position is the upper gravity point, and the two together form a gravity range. Therefore, if it falls below $60,000, we need to be wary of further declines.
At the same time, we must also pay attention to the strong resistance area of $67,000 to 68,000, which is the shutdown price of miners and may have an important impact on market trends.
Popular sectors Depin tokens
Recently, hundreds of cryptocurrencies have fallen, but one token has emerged as a dark horse. It is Hulium in the Depin track.
Hulium tokens are designed to earn airdrop rewards by sharing hot information.
The sector in which it is located, Depin, is an emerging concept in this round. It has been frequently mentioned in blockchain conferences and online discussions recently, attracting a large amount of capital investment, ranging from tens of millions of dollars to hundreds of millions.
I have also recorded a video before, which detailed 5 Depin tokens with great investment potential.
There is more content about the Depin section in the video, which can be seen in the new channel "Wang Buai's Crypto Classroom"!
Shortly after the release of this video, even in the current market downturn, Hulium and related tokens have seen varying degrees of growth. Congratulations to those who saw this video a few days ago and bought Depin tokens~
Ethereum Spot ETF
Recently, the market has frequently hyped up Ethereum spot ETFs. As for whether the Ethereum ETF can be passed, I really hope it can be passed.
As for why, what impact will it have on the market after passing, and what benefits will it bring to the market? Please look forward to the next video😜
