The correction is not over yet! The real bottom has not yet appeared, and bottom-fishing requires patience!
Bitcoin fell sharply to around 58,000 at 4 a.m. yesterday due to the Mentougou incident and the adjustment sentiment of the U.S. stock market in the evening, but then quickly rebounded to above the 60,000 mark and is now hovering around 61,000.
If it can return to above 63,000 this week, the weekly level may complete a short correction, which also shows that around 58,000 is a support level generally recognized by the market, providing a certain psychological expectation for the market.
From the 4-hour level, the current market is in an oversold rebound stage, and the judgment of its support level still needs to be continuously observed. It is expected that the market will continue to adjust or show a repeated shock trend.
Overall, the market is still showing a downward trend, with no obvious improvement. The daily MA120 trend line was broken last week, and the weekly MA20 was temporarily lost in today's early trading.
However, it is worth noting that the daily line has been oversold again. The last similar situation occurred in the 28,000-29,000 range in August 2023.
This week, there are two key data worth paying attention to: one is the PCE index released at 8:30 pm on June 28 (which has similar importance to CPI), and the other is the consumer confidence index at 10 pm that day. These two data may have a further impact on expectations of interest rate cuts.
Although the altcoins have fallen sharply on the surface in this round of market decline, it may actually be a rational return to the valuation of some currencies.
As we all know, tokens listed on exchanges such as Binance often enjoy higher valuations in the market, but in the current environment of insufficient liquidity, valuation adjustments are more likely to occur.
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