Bitcoin has sharply risen above $97,000.
Bitcoin still maintains a narrow range of fluctuations. After touching a historical high of $99,588 over the weekend, it began to fluctuate downwards, with a pullback last night near $96,000, which is only less than 4 points from the highest point.
Before the deadline, it rebounded, currently reported at $97,504, down 1.04% in the last 24 hours. So far, it still aligns with what I said about 'Bitcoin first undergoing narrow fluctuations before wider fluctuations.'
Reminder: In the trend of Bitcoin's decline, according to Coinglass data, the total liquidation amount in the cryptocurrency market in the past 24 hours reached $506 million, with long positions liquidated at $380 million and short positions at $126 million, affecting over 199,000 people.
The rotation of altcoins and the script of altcoin market trends are becoming clearer.
The current stage is still a cycle of sector rotation, and funds have not really acted on altcoins yet. This means that as Bitcoin pulls back and brings altcoins down, it also gives us a chance to get on board. Furthermore, next week is close to the end of the month, having risen for a month, is it possible that something will happen in the last week of the month? The PCE data next Wednesday and the Federal Reserve's monetary policy minutes are also key points.
After the MEME sector ends, it will rotate to major public chains of old coins, followed by the metaverse and some DeFi, with stories of tripling in ten days being commonplace. This wave of rotation of old coins is not over yet; the old players who have endured for several years need to liquidate. Old coins are just an appetizer for this wave of altcoin season; the real protagonists of the altcoin season are quietly raising the water level. Every round of the bull market showcases the crazy performances of altcoins during the acceleration phase of Bitcoin.
Every market pullback, you see fear, I see opportunity. While you study what to buy every day, I study how to maximize capital efficiency every day. First, learn the first step: overcome fear.
Let me share some good news with you all, like, follow, save, and share.
FTX will launch a restructuring plan early next year, which has been confirmed, and is expected to start distributing about $16.5 billion in compensation to previous users, which means this is directly paid to small investors. What will happen when small investors, who are in a bull market, receive this compensation?
The market will welcome another wave of liquidity belonging to the old users of the crypto circle, so don't be afraid of the pullback, and when clearing positions, it also gives us a chance to get on board.
