24-hour important news:
1. The People's Bank of China releases a financial stability report mentioning cryptocurrency regulation in Hong Kong.
2. Messari analyst: Predicts that DePIN industry revenue will exceed $150 million next year.
3. President of The ETF Store: Spot Solana ETF is expected to be approved in 2025.
4. Crypto hackers are using fake job offers to lure victims into downloading malware to steal crypto assets.
5. Japan's Financial Services Agency considers changing the classification of cryptocurrencies to be regarded as publicly investable financial assets.
6. Salvadoran Vice President Félix Ulloa meets with the Chinese ambassador to emphasize the role of Bitcoin in economic growth.
7. In 2024, VC investments in cryptocurrency and blockchain startups will amount to about $13.7 billion, an increase of 28% from last year.
BTC market analysis
In the previous article, we analyzed that Bitcoin initially experienced a very strong rise, then encountered resistance around 100,000 and began to pull back. The price was around 95,000 where it found support and started to move sideways.
At that time, we saw a wave of increases followed by a pullback to this position where support appeared. Then, through the Fibonacci indicators, we observed that this pullback just happened to return to the very classic key position near 61.8%. We believe there is a chance that this area can support the price and start an upward trend.
From the current market, it can also be observed that at that time, the price of Bitcoin indeed experienced a rapid fluctuation, first starting to drop and falsely breaking below the 95,000 position, then immediately starting a rapid breakthrough, but the subsequent upward trend could not be sustained and began to decline again.
Then we can also see that in the later market, during the weekend, the price of Bitcoin continued to decline, and until now, the lowest price of Bitcoin has once again pulled back to around 93,000.
This position is also very close to the lower support level of Bitcoin that we mentioned at the beginning, but it can also be observed that it is still a little bit away from the support level, so the subsequent market is very likely to test this support level, and it may even break below it.
If it is a false breakdown situation, that is, breaking below the support level and then returning inside this range, I believe there may be an opportunity for an increase. At that time, we can look for long opportunities at the bottom of the range.
If it breaks down, and the price can no longer return above 92,000, after about one or two days, we estimate that a significant drop will begin again, so friends must be careful at that time.