The market is indeed brutal. On the 20th, Bitcoin dropped to 92,300, and then on the 21st, BTC rebounded to 99,570, with fluctuations close to 8 points. Many people cut losses or got liquidated at the lowest point, and when they saw it rise, they rushed back in. Back and forth, their holdings decreased, and many who were wiped out were unwilling to accept it and continued to prepare for battle, ready to re-enter. If they don’t learn from the lesson, they will continue to get cut and liquidated.
Trading cryptocurrencies really requires some skill! Just like on the 20th, when Bitcoin suddenly dropped to 92,300, many traders were scared into cutting losses or getting liquidated. What happened next? On the 21st, it rebounded to 99,570. Many saw it rising and rushed in, resulting in fewer coins in their hands. Buying low, selling high, and then buying low again is one strategy that guarantees profit, while the other leads to consistent losses—two entirely different outcomes.
So, what will the market do next? Is the bull market still here? Don't rush; let's take a look at the news and data from all sides, and review it together. This is just my personal opinion; you can treat it as entertainment and not as investment advice. The good news is that the Fed's side has pretty much been digested by the market. Overall, there is still more good news. On Friday night, US stocks stabilized, and Bitcoin is doing okay too. After yesterday's turmoil, we can see that the market does not show signs of a collapse, which can be considered stable.
Currently, Bitcoin is hovering around 97,000. On the 20th, it had a sharp drop with exceptionally high trading volume! Next, it may move back and forth between 95,000 and 100,000. At this position, the risk is still a bit high, so it's not recommended to buy a lot right now. If it really drops below 95,000, we can slowly buy, continuing until 80,000. Of course, it’s best if it doesn’t actually drop that badly! If Bitcoin rises above 100,000, then those who bought earlier can consider selling a bit!
Let's talk about it again. After dropping to 620, it bounced back immediately, which is stronger than BTC and ETH! It may oscillate between 660 and 700 next. As for the second one, it seems a bit weak this time; looking at ETH/BTC, you can see it has been falling. In the short term, it may move between 3400 and 3700. But don't rush; wait for Bitcoin to stabilize, and it will take off as well. Right now, doing some spot grid trading is also quite good.
Some important news:
1. Despite the drop in Bitcoin prices this week, the US spot Bitcoin ETF still purchased 4,349.7 BTC, while the mining output during the same period was 2,250 BTC.
2. SEC Commissioner Hester Pierce stated that she is willing to reconsider physical redemption and staking for Bitcoin and Ethereum ETFs.
3. Tether Holdings Ltd. CEO Paolo Ardoino stated in an interview that the company's net profit this year is expected to exceed $10 billion.
Speaking of today's daily market analysis: From the K-line perspective, the hourly level is sideways, the 4-hour level is weakly sideways, the 12-hour level is consolidating sideways, and the daily level is in decline. The intraday resistance level is $99,500, and the support level is $95,000.
