In the past 24 hours, a total of 176,548 traders were liquidated across the network, with a total liquidation amount reaching 562.16 million dollars.
Someone previously mentioned that the dealers completed their accumulation of Bitcoin first, which led to the price of Bitcoin rising all the way. Recently, the dealers have been accumulating Ethereum tokens, and once the accumulation is finished, Ethereum will drive the overall rise of altcoins. Initially, I thought it would be a fluctuating accumulation, but Ethereum has been fluctuating back and forth between 3300 - 4000, and Bitcoin between 100000 and 92000. The dealers are making retail investors feel that they should sell once the price reaches the high end of this range. I wonder how long this 'wolf is coming' game can last.
From a daily chart perspective, the price has once again retraced to the MA60 moving average, which is already the second time. If it cannot hold here, the ascending triangle may break like it did previously at MA30. Once a breakdown occurs, it means the upward trend has paused and could even shift towards a larger level of adjustment (like MA120). This would gradually lead the market into a consolidation phase, and the adjustment cycle would become longer, which is obviously not a good sign.
Currently, the overall situation is still in the downward adjustment process that began at 108353. The rebound from 91530 to 102724 belongs to the second phase, and we are now entering the third phase. Given the strong momentum in the second phase, I believe the pullback in the third phase won't be too large. If the price can stop above the first two red circles, that would be normal; but if it drops below 86000, the time needed for recovery will be longer.
Nowadays, the cryptocurrency market is no longer as delicious and tempting as it used to be. During this period of low liquidity, everyone's mindset is to just fill their stomachs, rather than pursue exquisite gains, which has made their actions seem somewhat hasty.
Currently, the on-chain market is completely independent of the overall market and is rising on its own. What I mean by an independent on-chain market mainly refers to the leading sector on the chain — the AI Meme sector. As long as you can choose one or two relevant tokens correctly, there is an opportunity to make a big profit. If you don't know what to choose, you might want to look at the articles I wrote before, where the selected tokens have all risen.
The last drop of altcoins requires patience.
Don't view the price drop of Bitcoin and other altcoins as a disaster! Price fluctuations are a normal phenomenon in the market, and we should remain calm and not let short-term ups and downs affect our emotions. The important thing is to hold high-quality and well-performing tokens. As long as we have these tokens, why should we panic?
The current decline is just one phase of the market cycle, and similar fluctuations will occur in the future. The more we encounter such moments, the more we need to remain calm and hold on to our beliefs! Currently, everyone is paying attention to developments in the U.S., hoping for good news in the middle to late part of the month. Perhaps this rapid decline is actually a 'washout' for the upcoming bull market.
Finally, let me mention two 'meme coins.'
WID
Recently, AI-related tokens have been causing a stir in the market. There's no denying that AI is a major trend for the future, both in the stock market and other fields. However, in the cryptocurrency space, it has become a 'big pit' now. Prices rise sharply only to fall back immediately, repeatedly fluctuating this way. For the token I'm focusing on, I've already experienced a significant drop after nearly a 4-fold increase in its current price. In this 'war' of investment, it requires firm belief. I'm prepared for the possibility that the value of the token I hold may go to zero; just a few times of increase is far from my expectations!
PNUT
The PNUT token will definitely have opportunities in the future. Currently, its price is in a downward trend and has not yet stabilized. Personally, I believe it might be more appropriate to look for entry opportunities when the price hits 0.26. It is expected that the speed of price decline may accelerate in the coming month, and buying during a rapid drop will reveal many opportunities!
