The cryptocurrency market seems to be entering a bull market, but in this context, Tesla transferred $765 million worth of Bitcoin, the first time in two years, sparking speculation that Musk might sell Bitcoin. Last night's market was like a roller coaster, with a volatility of nearly 5% in just over an hour, and market sentiment fluctuated accordingly, sometimes thinking that the bull market has arrived, and sometimes thinking that the bull market has left.

The current focus of controversy is whether this is a real bull market return or just a false breakout. Usually, there is a certain linkage effect between the U.S. stock market and the cryptocurrency market, but in the recent decline of U.S. stocks, Bitcoin has shown an independent upward trend. If the price of Bitcoin can break through the dense chip concentration area of ​​64,000 to 69,000 US dollars, its price may remain relatively stable. At present, Bitcoin is trying to hit the key pressure range of 68,000 to 70,000 US dollars, while the market value of Bitcoin has risen again, while the market value of other altcoins has been further compressed.

In the past six months, funds seem to be mainly concentrated on Bitcoin, keeping it at a high level, while other cryptocurrencies have performed poorly, and the prices of many leading currencies have even been halved. The market gives people the feeling that Bitcoin is the only one that stands out, while other altcoins are relatively quiet. Data shows that the current total market value of cryptocurrencies is 2.407 trillion US dollars, a drop of 1.1% in 24 hours. Among them, Bitcoin's market value accounts for 54.9%, and Ethereum's market value accounts for 13%. In the past 24 hours, the total amount of liquidation in the entire network reached 311 million US dollars, of which long orders were liquidated for 188 million US dollars and short orders were liquidated for 124 million US dollars.

Personally, I think the current market trend is more like cleaning up the profit-taking of altcoins in the early stage. Some strong currencies in the Meme market, such as WIF, SUI, TAO, etc., have completed a wave of pull-ups, and technical indicators have diverged. The form needs to be adjusted, which is what I mentioned before.