Bitcoin continued to fluctuate around $95,000 over the weekend, reaching a high of $95,750 yesterday. However, a new wave of decline began yesterday evening, with the lowest point falling to $93,000 around 06:30 this morning, hitting a nearly one-week low.
Since breaking below the $100,000 resistance level, the price of Bitcoin has failed to continue its upward momentum. This has led to a lot of uncertainty surrounding future price action.
On the daily chart, the price has been consolidating below $100,000 after a brief up move a few weeks ago that resulted in a new all-time high. A few days ago, the market failed to break above the $100,000 level and was rejected on the downside.
Therefore, the support level of $90,000 may be a short-term target. The response to this area will determine BTC's short-term price trend.
The market initially created higher highs and lows within an upward channel.
However, it then broke the downward pattern and retested twice. Since the RSI also shows values below 50%, indicating bearish momentum, the market may drop to the $90,000 level before a potential bullish continuation.
In the altcoin space, the meme + AI concept is still very lively. In contrast, ACT dropped quite a bit yesterday, and its market cap isn't large. Compared to those, it can only be said that it is a meme coin dressed in AI clothing. After all, it seems the founders have always been fudging it, mainly relying on community support. Of course, more often than not, fundamentals are nonsense, and whether or not to pump the price is up to the traders.
However, I still believe that this adjustment is just a temporary pause in the current long-term bull market, and the real bull market will arrive next year. Observing the previously strong traditional mainstream coins, DeFi projects, and meme coins, the general pullback has been around 30-40%. However, fundamental projects like Aave, Compound, and Curve have not experienced substantial fundamental changes in the short term, and some of their TVLs are even rising, so I believe gradually entering now is feasible.
Today I heard that FTX's compensation will begin to be claimed in a few days. If true, this will inject a wave of funds into the crypto circle, especially since the Solana ecosystem is currently among the most active across major public chains. Overall, the market outlook for next year is promising, with a significant improvement in funding compared to before. In the short term, volatility is gradually decreasing, and in recent days, several currencies have indeed seen price increases, but the overall market is gradually cooling down. Once this trend forms, it may last for a while. However, considering after Christmas, it would be appropriate to start building positions to aim for a good start in 2025.
Today, we celebrated the New Year on-chain.
However, when everyone and all groups are discussing, and a bunch of teachers start showing on-chain profit charts, it makes me a bit panicked. Is this a signal of a short-term peak? At least for $BGB, I ran correctly following this signal. I continue to be optimistic about the long-term potential of the AI Agent track, looking for continued explosions in $Ai16z, $Virtual, $Aixbt, etc. I also believe that $8 is not the peak for $BGB, but 'buy in the quiet places, sell in the bustling times.' Making some T trades even if you miss the peak is still good. I have taken some profits from on-chain earnings and have placed orders for the targets I am optimistic about at lower levels.
Only 3 days left until $BIO goes live on Binance, how much can its market cap increase?
If there are no surprises, bioprotocol is expected to become a leader in the DeSci track after its launch. Therefore, the market cap performance of $BIO at opening will be very critical, representing the current market cap ceiling for the DeSci track.
However, there are a few points to note:
1. The circulation ratio is relatively large, reaching 39.05%;
2. Early community auction participants (including myself) had low costs, and 12.57% of tokens were released at TGE, which may bring some selling pressure.
Historically, participating in new listings through BNB usually does not result in losses. If this pattern continues, the price of $BIO could reach at least 1.364. The project still has a few days of mining opportunities, so those with idle funds can continue to mine and seize the opportunity!
$ATA surge reason:
The first token based on a trusted execution environment, $METAV, released by aipool_tee, is on fire. This is a token autonomously released by AI based on trusted execution environment TEE technology. This has ignited the entire TEE-related projects, such as $PHA, $ATA, $POND, $SCRT.
Project Introduction: Decentralized Privacy Service Protocol
Increase: 1 time, Market Cap: $120 million
Led by $virtual and $ai16z, there are also the following worth paying attention to.
$arc: Attracted a large number of developers, using a unique Rig framework. In the future, tokens within the ecosystem will adopt a model similar to $virtual, only trading against $arc.
$hat and $vvaifu: An incubator platform for AI Agents, gradually gaining market favor.
$ora: Has also launched an AI Agent incubation project.
$vapor: An AI Agent platform built using the AI16z framework within the HYPE ecosystem.
$spore and $fxn: Derive their own AI ecosystem using a unique mechanism, demonstrating strong innovative potential.