"Bitcoin tests 50-day moving average, market sentiment is low, and altcoins such as XRP are hit hard"

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The current market environment seems quite complicated, and the prices of Bitcoin and other major cryptocurrencies are facing certain pressures, especially in the context of testing the 50-day moving average (MA) on the daily chart. According to Andrew Thrasher's analysis, the 50-day moving average is an important support level, and testing this position may mean short-term price fluctuations or potential adjustments.

David Vallieres's view is more cautious. He believes that if Bitcoin falls below $92,600, it may return to the support level of $73,600 again, although he believes that the probability of this happening is 40%. His target price is still $123,000, which reflects his optimism about the long-term trend. The current market decline, especially Bitcoin's 2.7% drop and the 13% drop in the past week, shows that the market sentiment is relatively negative.

Altcoins such as XRP, DOGE and ADA are also facing similar pressures, with XRP's decline being particularly obvious, reaching 4%. This situation may be related to the overall downturn in market sentiment, especially under the influence of some key macroeconomic news, such as the Federal Reserve's statement that it is ready to implement fewer interest rate cuts in 2025, which has caused the market to lose some of its optimistic expectations.

Nevertheless, MicroStrategy's continued purchase of Bitcoin shows the long-term confidence of institutional investors in Bitcoin. However, this has not effectively boosted prices, which may indicate that the market is currently more affected by the macroeconomic and policy environment.

Overall, the current market is in a period of shock adjustment, and Bitcoin may face large price fluctuations in the short term, especially whether it can hold the 50-day moving average and the key support of $92,600. In the long run, if market sentiment improves, continued purchases by institutions may provide support for prices.

Brothers, pay attention to it, start broadcasting immediately, and analyze market conditions online