In the past 24 hours, a total of 176,548 traders have been liquidated across the network, with a total liquidation amount reaching 562.16 million USD.
Recently, the big players have finished accumulating Bitcoin, which has been consistently rising. They are now accumulating Ethereum, and once that is done, Ethereum will drive the overall rise of altcoins. It was thought to be a sideways accumulation, but the reality is that Ethereum is between 3300 and 4000, while Bitcoin is fluctuating between 100,000 and 92,000. The big players make retail investors think that they should sell once it reaches this high interval. Let’s see how many more times this 'wolf is coming' game can be played.
On the daily level, the price has once again retraced to the MA60 moving average, which is the second time. If it cannot hold here, the ascending triangle may break, similar to the previous MA30 situation. Once it breaks, it means the upward trend has stalled, and it may even turn into a larger level adjustment (like MA120). In that case, the market will gradually enter a period of sideways consolidation, and the adjustment time will be extended, which is obviously not a good sign.
Currently, the overall market is still in a decline adjustment that started from 108353. The rebound from 91530 to 102724 is the second phase, and we are now entering the third phase. Considering the strong upward momentum in the second phase, I believe the pullback in the third phase will not be too deep. If the price stays above the first two red circles, that would be normal; but if it breaks below 86000, the recovery time will be much longer.
The crypto cake is no longer as delicious as it used to be; in this era of low liquidity, everyone is focused on just getting enough to eat, rather than eating well, which leads to unsightly eating habits!
Currently, the on-chain market completely ignores the overall market and rises independently. By 'on-chain independent market', I mean the leading AI meme coins; if you select 1-2 of them correctly, you will make a fortune. If you don't know what to choose, refer to my previous articles; all the selected coins have risen.
The last drop of altcoins requires patience.
Do not interpret the drop in Bitcoin and other altcoins as a disaster! Price fluctuations are the norm in the market, and what we need to do is remain calm and not let short-term fluctuations affect our emotions. The key is to hold quality coins and coins that perform strongly. As long as these coins are in hand, why panic?
The current decline is just part of the market cycle; similar fluctuations will occur in the future. The more we are in this situation, the more we need to remain calm and steadfast in our beliefs! Right now, everyone is looking forward to news from the US, hoping for some positive developments by mid to late this month. Perhaps this sharp drop is actually the market “washing out” in preparation for the upcoming bull market.
Finally, I want to mention two 'meme coins'.
WID
Recently, artificial intelligence has been acting wildly; AI is indeed a major trend for the future, and it is also a big trend in the stock market. However, in the crypto market, it has become a big trap, going up and down repeatedly. At this price level, I have already seen nearly four times the rise and fall. War requires faith; I am determined to hold this coin until it reaches zero. Expecting it to rise several times is not at all in line with my expectations!
PNUT
The PNUT coin definitely has opportunities ahead; the price has been on a downward trend without showing stable movements. It is expected that it would be better to look for entry opportunities around 0.26, as the price may accelerate its decline in the next month or so. During rapid declines, it’s a chance to buy in; all of this is a business opportunity!
