Market summary:
At present, the trend of Bitcoin is still on the route of oscillation and downward movement. Many people firmly believe that certain positions are the bottom. In fact, whether from the technical point of view or the chips, there are indeed several places that are firm bottoms. However, the fear is that the market will take this bottom as a consensus. Once the consensus is formed, a large number of leveraged positions bet on this position. Then, in the capital market game, this position may become the target of attack, and often the place where we are fully confident may really become a core bottom of collapse.
At present, the market still depends on the sentiment of the US stock market. At present, the US stock market is weak and there will not be too much negative decline. At present, after experiencing the earnings season and the optimism of interest rate cuts, the pressure on the US stock market is still very high. Therefore, if the recent speeches of Fed officials continue to suppress the sentiment of the US stock market, the sentiment of the crypto market will still not be very good, liquidity will deteriorate, capital inflows will deteriorate, and even outflows will occur. However, there will still be rebounds in the oscillating decline. After all, the market uses the power of bulls. Every rebound that touches a key position consumes the power of bulls. The outbreak of bullish sentiment, without the support of market sentiment, may not be able to break through the key resistance position and stand firm.
As for the altcoins, as long as you are not fully invested, you don’t have to worry too much. As long as you don’t buy at too high a price, the altcoins have basically adapted to the falling sentiment along with the decline of Bitcoin. Once the sentiment is fully adapted, it will slowly rotate among several sectors. Of course, there may not be a shocking outbreak, but there will still be a short-term rebound and sector rotation.
