Bitcoin failed to hold $65,000 early yesterday morning, but I still tend to be bullish. Bitcoin is consolidating within the current range of $60,000 to $65,000. Breaking through the $65,000 resistance level may pave the way for a return to the $70,000 level, which may revive the momentum of the cryptocurrency.
Affected by last week's weaker-than-expected U.S. jobs report, the U.S. dollar index (DXY) continued its downward trend for the fourth consecutive trading day today.
As long as Fed officials do not oppose Powell's stance, the dollar's weakness is likely to continue. The labor market is showing signs of easing, but a more hawkish Fed voice could still push for higher interest rates for longer, which could affect the dollar's trajectory.
As the market turns bullish, I think artificial intelligence (AI) will once again become the focus as the main narrative of this crypto bull run.
In tandem with these developments, certain cryptocurrencies are worth watching for their innovative applications and growth prospects:
Render Network (RNDR) — is leveraging decentralized GPU power, highlighting the symbiotic relationship between AI advancements and blockchain technology. RNDR’s model and recent market performance epitomize the growth potential of the industry.
NEAR Protocol (NEAR) - a decentralized platform designed to facilitate the creation and operation of distributed applications by incentivizing a global network of computers. NEAR provides developers with a cloud-like environment powered by its native NEAR token, promoting an open, efficient, and scalable web ecosystem.
Akash Network (AKT) - is a disruptive force in the cloud computing industry, leveraging blockchain technology to democratize access to computing resources, reduce costs, and enable new possibilities for innovation and collaboration.
Xai (XAI) Xai — located in the Arbitrum ecosystem, is a pioneer in the integration of traditional games with Web3 technology. It aims to provide gamers with a seamless transition to the blockchain, enabling cross-platform in-game item transactions without the need for direct cryptographic interactions.
Ocean Protocol (OCEAN) — dedicated to advancing secure data sharing for AI — highlights the critical intersection of blockchain, data privacy, and AI — a nexus that is becoming increasingly important as the digital landscape matures.
Previous selections:
《Solana ecosystem built by DeFi!》
《RWA Project under BlackRock and Coinbase Investment Institutions (Potential and Opportunities)!》
"Runes is coming, how to plan?"
"If the Japanese economy collapses, the crypto market will also collapse!"
Note: All content represents the author's personal views only, is not investment advice, and should not be construed in any way as tax, accounting, legal, business, financial or regulatory advice. Before making any investment decision, you should seek independent legal and financial advice, including advice on tax consequences.
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