Yesterday, it was reported that Trump would be tried on January 10, causing a sharp decline in both the US stock market and the cryptocurrency market. Additionally, there is a high probability that interest rates will not be cut in January.

The daily chart of Bitcoin showed a bearish engulfing pattern with increased volume, and it has broken through the support levels of the 5-day, 10-day, and 30-day moving averages. From a technical perspective, after a period of sideways consolidation, further declines are expected.

At this time, the spot position should be kept as low as possible, waiting for an oversold condition, and when the rebound occurs, prioritize investing in Bitcoin and other strong cryptocurrencies.

The altcoin season has turned into an altcoin sacrifice, leaving only Bitcoin and a few quality leaders.