Introduction:
The cryptocurrency market this morning is engulfed in red as Bitcoin (BTC) and major altcoins all decline sharply. Investor profit-taking combined with selling pressure has led to a significant market correction.
1. Major events:
• Bitcoin (BTC): Trading around 100,580 USDT, down -4.96% in the past 24 hours. This is the first time BTC has fallen to the 100,000 USDT range after many accumulation sessions.
• Ethereum (ETH): Continues to decline sharply to 3,636.79 USDT, equivalent to a decrease of -5.81%.
• XRP: Recorded the largest drop among major altcoins, down -8.36%, trading at 2.3184 USDT.
• SOL (Solana): Adjusts to 206.2 USDT, down -7.20% compared to yesterday.
• DOGE (Dogecoin): Unable to escape selling pressure, down -8.90%, trading at 0.35695 USDT.
• PEPE: Leads the decline with -13.05%, indicating high risks of small-cap tokens.
• USUAL: The only bright spot in the market, rising sharply +26.21%, trading around 1.0613 USDT.
2. Quick analysis:
1. Bitcoin (BTC):
• Currently at the important psychological support level of 100,000 USDT. If the price continues to drop below this level, it could pull BTC down to the next support level at 98,500 USDT.
• RSI indicator: At 35, nearing the oversold zone.
2. Ethereum (ETH):
• Continuing to face significant selling pressure, with important support at 3,600 USDT. Losing this level could push ETH down to the 3,500 USDT range.
3. Altcoin:
• Major altcoins like XRP and SOL are experiencing significant corrections due to widespread panic selling.
• USUAL is the only coin maintaining strong growth, indicating that speculative funds are still seeking short-term opportunities.
3. Upcoming trends:
• Bitcoin: The main support level to watch is 100,000 USDT. If maintained, BTC could bounce back and challenge the 102,500 USDT level.
• Ethereum: Must hold above 3,600 USDT to avoid falling into a deep downward trend.
• Altcoin: Selling pressure remains strong; investors should be cautious with coins that have high volatility like PEPE and DOGE.
4. Risk warning:
• The market is in a strong correction phase; investors need to:
• Limit the use of high leverage.
• Closely monitor important support levels.
• Set Stop Loss to protect the account in case the market continues to decline.
Conclusion:
The crypto market this morning faces a deep decline as Bitcoin drops below the 101,000 USDT mark, leading to a sharp drop in major altcoins like ETH, XRP, and SOL. Investors need to be cautious and closely monitor new developments to devise appropriate trading strategies. Stay tuned for more important updates throughout the day!
