Important cryptocurrency news within 24 hours:
1. There has been a large-scale net outflow from Bitcoin and Ethereum ETFs in the U.S., and market sentiment is cautious.
2. Cryptocurrency market research institution Santiment pointed out that whales and large holders buying at low prices during retail panic selling may trigger a price rebound.
3. xAl: a16z and BlackRock participated in the company’s $6 billion financing.
4. MicroStrategy acquired 5,262 BTC for approximately $561 million.
5. Yesterday, GBTC had a net outflow of $38.4 million, and ETH had a net outflow of $6.1 million.
6. Grayscale submitted the Grayscale Horizen Trust (ZEN) 8-K form to the SEC.
7. Robinhood CEO: The company has discussed establishing Bitcoin reserves internally.
December 24th major events in the cryptocurrency world
Bitcoin has further dropped below $93,000 after exceeding $108,000 last week.
Stocks of listed cryptocurrency companies are also struggling, Bitcoin giant MicroStrategy fell 8%, cryptocurrency exchange Coinbase fell 5%, and the most valuable Bitcoin miner Marathon Digital fell 4%.
🎄US Stock Market Christmas Holiday Schedule🎄
December 25 is Christmas holiday in the U.S., and the stock market will be closed that day. Additionally, the stock market will close three hours early on December 24, which is 2 AM on the 25th in GMT+8.
Impact of market closure and market outlook
During the market closure, liquidity decreases, trading volume shrinks, and investors often adjust their portfolios in advance, leading to increased market volatility.
After Christmas, the market usually enters a period of adjustment. Coupled with the recent strong risk-averse sentiment in the market, an extreme market condition cannot be ruled out. Therefore, whether doing contracts, spot trading, or short-term operations, one should take profits. However, due to strong expectations for future Fed rate cuts, investors' overall sentiment is relatively optimistic.
Bitcoin:
2024.12.24 Bitcoin (BTC) evening market analysis
Current price of Bitcoin is 93860, and it is currently 8 PM Beijing time.
It was previously in a relatively low sideways consolidation phase. Due to the Western Christmas holiday, trading volume has noticeably decreased, and the market is oscillating in the 92000-97000 range.
The U.S. stock market is closed, and there is currently no capital support for a significant market surge, which is expected to continue for some time. Everyone should patiently wait for opportunities. For medium to long-term positions and spot trading, consider entering below 93500 and gradually start laying out.
Bitcoin's hourly and two-hour levels are starting to rebound, with support levels around 92800 for smaller timeframes.
If it does not fall below 92800, continue to look for rebounds.
The upper resistance first looks at 95000 four-hour resistance. After breaking through and closing above, the rebound strength will increase. Subsequent resistance levels are 96000, 97300, and 98800.
If the hourly close falls below 94000 again, the small level rebound will end, and it may fall again. The target support level below is 92800, and if broken, it may look towards 91800 and 90500.
From a technical perspective, Bitcoin's daily chart continues to decline, and there are currently no signs of a turn, as the market is relatively flat during these Christmas days, showing slight volatility.
The four-hour KDJ has formed a golden cross, and the MACD has crossed but lacks volume support; this MACD crossover can change direction at any moment.
Resistance level 96000-97500
Support levels 92000-91500
Ethereum:
2024.12.24 Ethereum (ETH) evening market analysis reference
Current price of Ethereum is 3390, and it is currently 8 PM Beijing time.
The second Bitcoin broke through the four-hour resistance of 3320 after a midnight pullback and successfully closed, starting a four-hour level rebound.
The support level below is 3366. If this position is not broken, continue to look for rebounds.
The upper resistance levels are 3460, 3520, and 3600.
If the hourly close falls below 3366 again, the hourly level will start to weaken. The support levels below are 3334, 3270, and 3215.
Altcoins:
Opportunities for altcoins are coming!
Fundamentals:
1. FTX's stablecoin compensation will soon reach the battlefield, gradually released to customers after January 6th next year. New entrants mainly target altcoins.
2. Old Tech Fund and Grayscale are continuously buying and increasing their holdings of various altcoins, leveraging celebrity effects.
Technical Analysis:
1. The recent pullback of Bitcoin, altcoins are no longer following the decline.
2. After more than half a year of continuous decline, most altcoins are at the bottom, and the institutions holding them need to push prices higher to unload.
In the coming days during the Christmas period, it will be a good opportunity to lay out positions. If you have low-level chips, you can gradually lay out and wait for subsequent increases!
Market Trend
BTC is down, and BTC dominance has significantly decreased.
Altcoins are surging, with DeFi and AI leading the way.
U.S. stocks are rebounding, and the stock market will be closed all day on Christmas Day.
II. Market Highlights:
1. BN is launching the new Desci's Bio, which is a decentralized scientific DAO organization primarily in the biomedical field.
2. DeFi projects like Usual, AAVE, CVX, CRV, FXS, Morph are surging. The narrative is mainly compliant with U.S. regulations, AAVE is a Trump concept, FXS and CRV are in cooperation with BlackRock. BN has invested in Usual.
3. Platform token FTT is rising, SBF may receive a presidential pardon from Biden.
4. On-chain AI projects like Virtual, AIXBT, Game, Goat, and ARC are rebounding. The SOL/ETH exchange rate is starting to reverse. The AIPool_TEE project is beginning its ICO on the SOL chain. Currently, the market is dynamic; walking alone is lonely. Follow me for daily spot potential layouts and bull market strategy layouts.
