The analysis of the mainstream cryptocurrency market is as follows:

For Bitcoin (BTC), it did not fall below the support level of $65,000 yesterday, and even rebounded in the second half of the night. However, altcoins failed to follow the rebound, and the market sentiment was relatively panic. Many investors chose to sell or transfer funds to Bitcoin and Ethereum. Therefore, despite the rebound of Bitcoin, altcoins continued to fall. In the short term, this situation may be difficult to improve. Although Bitcoin fell below $65,000 in the morning, the market did not fall further, and it is still unknown whether it can continue to fall below $65,000 in the future.

There are currently two possible scenarios:

The first is to observe whether tomorrow's daily line can stay above $65,236. If it can be repeatedly tested at this level without falling, there may be a rebound opportunity.

The second situation is that if it continues to fall, it may reach a minimum of $61,000, and may even test $58,000, and then there may be a sharp rebound.

In general, no matter how much Bitcoin falls, it will not have much impact in the long run, and its trend of falling back will rise again sooner or later. However, altcoins may experience a sharp decline again. Therefore, investors holding altcoins need to be extra cautious. It is recommended to convert 30% to 50% of altcoins into Bitcoin or Ethereum for hedging.

In terms of Ethereum (ETH), it has recently hit a new low with the decline of Bitcoin, but it has not shown a trend of further decline. In the short term, it shows a slow and volatile downward trend, and the current support level is $3,400 and $3,150. Considering that the Ethereum spot ETF license has been approved, although it has not been officially released, once approved, the influx of new funds may push up the price of Ethereum. Therefore, it is recommended to buy Ethereum on dips at the support level.