Bitcoin has once again been doused with a bucket of cold water amidst the market's clamor, with the price dropping from a historical high of 108,353 USD at 10 PM on the 17th to a low of 98,802 USD at 10 AM today, a decline of 9,551 USD, marking a significant downward movement. In fact, the market's exuberant sentiment has fueled frenzied buying, resulting in substantial bullish contract holdings, making a washout inevitable. The medal’s analysis article two days ago reminded everyone not to chase after the bullish trend when the bullish pattern is evident. It is better to buy in batches after a full pullback. Currently, the price is deliberately falling below 100,000 USD, and the medal believes that the pullback is nearing its end, with the price set to begin fluctuating upwards.
Due to the Federal Reserve's interest rate cut last night and the increase in inflation expectations for next year, the US stock market experienced a sharp decline. Bitcoin, as an asset, was also affected by selling behavior. The main concern in the market is that the pace of interest rate cuts may slow down, leading to a reduction in liquidity and impacting the rise in asset prices, causing premature selling. The combination of these factors has triggered a wave of downward movement. The medal believes that Bitcoin has been consolidating around 97,000 for a long time, reaching a duration of 20 days. The chips in this area are relatively solid, and it is expected that the price will support above 94,000. After experiencing fluctuations, it will still begin to rise.
In the mainstream altcoin sector, the medal has already provided trend expectations in the previous two articles. After the extreme drop on the 10th, the market underwent a significant cleanup. The medal immediately analyzed in an article that the price would fluctuate at the bottom and then show a clear upward rebound. Later, when the market perceives the bulls to be warming up, there will be a continued downward test near the bottom shadow support, leading to a significant retreat. This pattern has been seen multiple times by the medal, reminding everyone to grasp this rhythm, buying low and selling high while continuing to accumulate chips near the bottom shadow. Currently, the trend is consistent with expectations, and most cryptocurrencies have rebounded only to fall back into the shadow support area after the drop on the 10th.
Under the current circumstances, the medal believes it is time to increase positions in high-quality coins. Simultaneously, due to sufficient decline, the holding of spot positions can reach a relatively high level, while patiently waiting for the market to warm up. Market sentiment is still present, and the bullish foundation is healthy, with some high-quality coins still in an upward trajectory, not likely to be affected by short-term declines. Currently, there is still more than a month until the old special takes office, leaving time for speculation and heating up.
Regarding the upcoming BTC trend, as the price has clearly fallen below 100,000, there has been significant buying interest. The hourly chart shows a bullish candle with a long lower shadow. The medal believes that the market adjustment is in place and the price will start to fluctuate upwards. In the short term, even if there is further pressure, it will be difficult for the price to break below the strong support level of 94,000. This area is also the rebound support level at 4 AM on the 12th and 1 AM on the 11th, where the bulls are relatively strong in defense.
Regarding spot participation, based on the recent trends, it is recommended to select high-quality coins such as PENDLE, ETHFI, Link, FTM, ENA, etc. At the same time, it is not advisable to liquidate positions in a panic, as prices often present a value opportunity after a substantial pullback; cutting losses at this time may not be cost-effective.
Based on the above analysis, the medal believes that mainstream altcoins have completed the expected retreat near the shadow support and that the price will continue to show a clear rebound trend after fluctuating at the bottom, continuing along the bullish path.
Risk warning: Due to significant market volatility, it is not recommended to engage in large contract positions; it is advisable to focus on stable spot trading.
Must-read for coin friends: Mainstream trading strategies are diverse, and ordinary participants can easily be misled, leading to losses. Timely attention to the medal will help you gain a higher perspective and seek wealth in the cryptocurrency space with a professional view.$BTC $ENA 
