In the early hours, the market suddenly took a sharp downturn, showing a rapid decline. However, from the perspective of intraday trends, there are already obvious signs of a closing needle.

Analyzing the short-term market performance, the price level of 3200 has formed a brand new support point. If we can keep a close eye on this key position, we might be able to capture some good trading opportunities.

There is a cryptocurrency with outstanding resilience against declines — MORPHO, which has been mentioned multiple times before. Once this cryptocurrency stabilizes during a downtrend, it is essential to seize the opportunity to buy in some chips; its future market value development has great potential and can definitely be compared to AAVE in the later stages.

Additionally, during the early hours, 200 million USDC was minted on the Ethereum chain, which undoubtedly indicates that off-market funds are continuously flowing into the cryptocurrency market, injecting new vitality and variables into the entire market.

At the same time, the U.S. Department of Justice has been approved to sell the seized 6.5 billion dollars worth of Bitcoin from the “Silk Road.” Due to this news, BTC briefly fell by more than 2%.

Fortunately, there are already signs of stabilization, and the latest developments need to be closely monitored to respond timely to market changes.

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