A bad news
There is news that Coinbase cannot go up anymore and has been selling at the market price.
Today's sudden drop was also foreshadowed, with a large amount of market selling occurring on conbase!
Fortunately, it did not fall below 61,000 this time, the bottom support is still there, and the potential head and shoulders bottom is still established.
Bitcoin's technical aspects
When analyzing the technical side of Bitcoin, we note the low of 56552 on May 1, which marks the bottom of this round of adjustment.
Currently, Bitcoin is trying to test the bottom above this low for the second time. From the short-term chart, if it shows a head and shoulders bottom pattern, the price of Bitcoin should not fall below the support line of 60187.
In one case, if the price of Bitcoin bottoms out above 56552 again over a longer period of time, we may see Bitcoin attempt to form a "W"-shaped double bottom pattern at 59000 or lower, which will mean that Bitcoin may continue to show weakness for a while in the short term.
To see a strong rebound in the short term, Bitcoin needs to break through 65,500 on the daily chart. This would require a gain of $4,000 compared to the current price. In a strong market environment, a long bullish candle could achieve this breakout.
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Currently, for players holding Bitcoin, it is a test of patience: whoever gives up his chips first may be forced to liquidate his positions and stand on the side of the loser.
The main resistance levels facing Bitcoin are 63500 and 65500, while the key support levels are 60187 and 56552. At this stage, it is necessary to pay close attention to the performance of these key technical levels in order to make a more accurate market judgment.
Meme coin pepe and RATS
The characteristic of this year is that no one is playing with VC coins anymore, and retail investors are more willing to concentrate their funds on small-cap coins!
Today, meme coins and inscriptions dominate the charts. They are the ones with the highest increase. This actually shows that the money in the market is still limited, so don't be too optimistic and don't fantasize about a continued surge!
Pepe is the strongest, but Shib and Floki may have more room to grow, just like the last wave of bonk rose more than wif, that is, bonk's holding volume is lower, more adjustments, and more room to grow. If it rises like this, the car is not so heavy, and the take-off height and take-off time can be larger.
WLD will face large-scale unlocking and continuous high-speed release
DeFi researcher @DefiSquared recently published an in-depth analysis of Worldcoin on the X platform, pointing out that this project may become the largest wealth transfer event in the current cycle.
However, it is worth noting that this transfer does not follow its publicly declared universal basic income (UBI) model, but flows into the pockets of project teams and insiders. Although some people mistakenly believe that Worldcoin has some connection with OpenAI, there is actually no direct connection between the two. With the upcoming token unlocking, the market may see a large-scale sell-off.
According to @DefiSquared’s detailed analysis, Worldcoin’s fully diluted market cap is currently $60 billion. Due to the large number of tokens issued and claimed by operators, its value has been declining by 0.6% per day. In addition, the Worldcoin Foundation announced that it would sell an additional $200 million worth of tokens to trading companies, which accounted for 18% of the total circulating supply. Although this was billed as supporting the “community”, it actually served the interests of the foundation more.
The most critical thing is that there are only 70 days left before the token unlocking period for venture capital and project teams. By then, the supply of WLD will increase by 4% every day due to unlocking and continuous issuance, which will lead to nearly US$50 million in market selling pressure.
Worldcoin’s token economic model is inherently predatory, primarily benefiting the team and early investors, while ordinary retail investors often lack an understanding of these complex backgrounds and mistakenly believe that they can counter the system by pushing up prices.
