Overnight, BTC once retreated from near $90,000 to $84,000. BTC "collapsed" again, and the sudden influx of selling pressure poured a bucket of cold water on the raging bull, causing the market to calm down a bit. From around 3 pm, it reached a high of $89,970 (very close to $90,000), but was then suppressed to below $86,000, breaking through the $89,000, $88,000, $87,000, and $86,000 levels. BTC opened the day at $84,000, so it still maintains an upward trend. However, the altcoins that followed the trend have already seen the situation turn unfavorable, and they have hastily abandoned their positions and reversed to a downward trend.
At this point, the market is completely in the hands of the market makers, manipulating the psychology of the retail investors. The market had been rising steadily, making it difficult to enter, and people were afraid of the high prices, thinking there would be another opportunity like last time, but the opportunity was not given at all, and they ended up missing the pump. Now it's good, the market has reached a very high level, and people are just blindly rushing in to long, continuing to call for the market to rise, and the market makers see that you have entered, and they start to adjust, can you understand it? If you can't, you're also confused.
Now the emotions are being driven by the market, chasing the market, it's really not suitable for trading, it's suggested to withdraw from the market early, otherwise the time will be wasted on money, and in the end there will be nothing left.
As for the specific levels, how will it go next
(1) From the on-chain data
Currently, the on-chain Bitcoin supply is approaching the extreme short-term risk, which means that the market may see a significant correction at any point between $90,000 and $110,000. From the perspective of coin distribution, there are large vacuum zones at $77,000-$79,000 and $82,000-$86,000, and these levels are unlikely to see meaningful support, so the real correction support is likely to be found below $81,000 or $77,000.
(2) From the futures long-short ratio
A drop to $72,000 would result in over $50 billion in liquidations, and a drop to $77,000 would result in over $30 billion in liquidations. Therefore, the conclusion of the "crazy people" is that the reasonable correction range should be around $70,000-$77,000. In a bull market, the dips are sharp, don't be afraid to dive in and pick up the coins.
(3) From the market sentiment
The current market sentiment is overheated, with the Greed Index reaching 84, and FOMO sentiment appearing in the MEME coin sector. After the bull run so far, the only main theme seems to be MEME, whether it's the BN's listing orientation or the market's speculative sentiment, it's all about MEME. So the FOMO sentiment in MEME also means that a short-term correction is not far away, and it's not recommended to take large positions to gamble. The overall situation of the altcoins is still good, and Bitcoin's dominance is still close to 60%, even slightly higher than a few days ago, indicating that we are still in the bull market process.
In summary, a short-term correction does not mean the end of the bull market, and there are currently no signs of a top being formed. Maintain a calm and patient mindset, Bitcoin will see new highs after this adjustment, and there will be wave after wave of uptrend. We are now in the first wave, and there will be adjustments, and then new highs again. The bull market process is not achieved overnight, but requires step-by-step progress.
Finally, let's talk about today's hot topic: Musk has been appointed as the head of the government efficiency department (d.o,g,e)
Doge has surged to a market cap of $60 billion. Meme-themed coins like Doge, Bonk, Floki, Neiro, Wif, and d.o.g.e have all seen gains. It's possible that DOGE and PNUT will be the next to take off.
For the dog-themed targets:
Neiro basically only has traffic within the circle, which is not enough to support it reaching the heights of something like SHIB. PNUT, on the other hand, has higher cultural and political value, while Doge is the core and largest market cap, so its upside potential is still worth exploring.
The main theme of this round has been clarified, so the possible script going forward may be:
DOGE opens up the meme market cap space for exploration, and gets a DOGE ETF, with PNUT closely following, becoming the SHIB of this round, a kind of call back, but it may still not be too late. For outsiders, brothers, if you can buy 5M or 50M PNUT, that's how core the circle is, cherish the opportunity to acquire the coins.
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