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Yesterday, BTC/ETH experienced a correction. Although the range was not large, Altcoin fell sharply by more than 30%. Investors who chased highs suffered huge losses. Bull markets are often accompanied by surges and declines, which is normal. Although there is panic in the market, I think this is the state that a bull market should have. The current stage can be called a shock period, during which the volatility is very intense. The most panic is
Today’s analysis:
BTC : From the daily level, BTC has stepped on the bottom three times. This round of BTC experts like to step on the bottom three times to make a plate. Today, we will focus on the support of 64,500. If the support level is stable, the market may exceed 73,000 in the future.
ETH : ETH stopped falling around 3100, which can be regarded as the second step of the bottom. The K-line is expected to be repaired at the weekend and there will not be much fluctuation. Recently, pay attention to the support level of 3100.
The U.S. stock market experienced its worst day since January. On the same day, all three major indexes fell by more than 1%, with the Dow Jones Industrial Average falling 1.24%, the Nasdaq Composite falling 1.6%, and the S&P 500 also falling 1.45%. In the cryptocurrency market, Coinbase's COIN fell 6.21% to $246.68, and MicroStrategy's MSTR fell 4.86% to $1,476.
Bitcoin rose to $71,000 in trading on Friday morning, but quickly plunged to below $66,000 in the afternoon after-hours, falling as low as $65,230, a fluctuation of more than 8%. As of press time, Bitcoin has rebounded to more than $67,000, narrowing its 24-hour decline to 5%.
Ethereum (ETH), the second-largest cryptocurrency by market value, fell 12% to $3,100 before recovering slightly above $3,200, narrowing its losses to 8%.
The Altcoin market fell severely, including Cardano's ADA, Avalanche's AVAX, Bitcoin Cash (BCH), filecoin (FIL) and aptos (APT), all of which fell by 15-20%. The total market value of cryptocurrencies shrank to $2.42 trillion, down more than 7% in 24 hours.
The market shock triggered the biggest leverage explosion in a month.
According to data from cryptocurrency liquidation tracker CoinGlass, about 277,000 cryptocurrency traders were liquidated during the U.S. stock market close, with a total loss of nearly $1 billion. The number of positions in 24 hours reached $878 million, of which long positions lost $785 million and short positions lost $93.41 million.
The total market capitalization of cryptocurrencies has now reached $2.43 trillion, down 7.3% in the past 24 hours, while Bitcoin’s market cap dominance is 54.3%.
U.S. Treasuries and the dollar index (DXY) surged as traders hedged. Gold, long seen as a safe haven asset, surged to more than $2,400, a record high, before rebounding, while oil prices rose 1%.
Jose Torres, senior economist at Interactive Brokers, told Bloomberg that the latest situation shows that investor sentiment and high-risk assets are vulnerable to geopolitical conflicts, continued inflation and oil prices. He pointed out: "Investors have delayed the start of the Fed's easing cycle, and geopolitics may replace the Fed as one of the biggest factors affecting market volatility."
There will be a decline before the halving. Recently, the first wave of adjustments has begun, which is a normal adjustment, and there is no need to panic. The price of BTC has dropped to $66,000, and the exchange of funds within the market has not been completed, and the time cycle is not enough. Although the washing of Altcoin has had a certain impact on the market, the impact has not yet reached expectations. The challenge of Altcoin is not enough to shake the market model, and the market is still dominated by Bitcoin.
Bitcoin options market is volatile! Implicit volatility is soaring, market confidence is shaken! Future price changes are shrouded in mystery!
The implied volatility of Bitcoin options has increased significantly, reversing the previous week's downward trend. Rising prices generally mean that market participants lack confidence in the price trend. Increased implied volatility means that traders are generally willing to pay higher fees to protect existing positions or speculate on future price changes (whether up or down).
The largest increase in implied volatility was seen in contracts expiring in the next two weeks, from 59% to 71% in just two days, suggesting that market expectations for the recent volatility are rising.
Is the future of crypto markets uncertain? Experts reveal traders’ mindsets and market trends
“Traders may be turning more pessimistic because of the uncertainty, suggesting they are willing to buy options at premium prices to insulate themselves from the risk of price volatility,” McCarthy noted .
US tax season is approaching. What challenges do digital assets face?
Digital asset investment firm Ryze Labs, formerly Sino Global Capital, noted in a commentary on Friday that the cryptocurrency market could see a short-term downturn as the U.S. tax season approaches.
Kaiko Report: The impact of halving digital assets at a glance. What changes will the market outlook have?
Kaiko's report shows that the impact of the historic halving event on the market is mixed, but the long-term trend is optimistic. Data shows that in the past three halvings, prices showed an upward trend one month and three months later. However, Kaiko also emphasized that the sample size is limited and needs to be analyzed in conjunction with other industry events.
Glassnode: If history is any lesson, BTC may still have a bigger pullback.
Exploring the Bitcoin Price Discovery Journey: Comparisons Between History and Reality
Compared with historical cycles, the current market is still in a relatively early stage of price discovery. Past data shows that during the frenzy phase, the price of Bitcoin experienced withdrawals of more than 10% many times, most of which were more significant, even exceeding 25%. However, in the current cycle, since Bitcoin broke through the record high, the market has only experienced more than two adjustments of about 10%.
Today's spot password:
Recommendation B: ETHFI
Reasons for recommendation: Ahan suggests considering more single entries. Enter the market when the price reaches 4.2 with a stop loss of 4 and a take profit of 5.
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