Greed, extreme greed!
Yesterday, the panic and greed index reached a high of 90 again, and now it is 83. This figure has occurred once before when BTC reached its all-time high in March this year. If the market conditions at that time are replicated, there may be a rapid sell-off, liquidating the long positions. We have to be prepared for this. Moreover, since BTC broke through the temporary historical high of 93, it has been fluctuating at high levels for a week.
Currently, it has reached an extremely tense stage, unable to go up or down. So what should we do next?
Today, let's discuss why it is not going down. The reason may be that the emotions brought by the election have not completely dissipated, and Trump has been making friendly contacts with the crypto community recently. However, before he truly takes office, most of the driving force is just the flow of funds within the market, so the room for further upside is not very large at the moment.
So what conditions are needed for it to continue going up?
Next year, when the new president truly takes office and brings a series of favorable policies for the crypto industry, coupled with a neutral interest rate of around 3-3.5% that releases a large amount of liquidity, the off-market funds will truly enter the market, and it may then push the price to six figures, around $150,000. As for the present, the persistent strong pull is not very healthy, and appropriate corrections are also a necessary part of the market.
Returning to the BTC market analysis for today, from the K-line perspective, the 1-hour level is downward, the 4-hour level is downward, the 12-hour level is sideways, and the daily level is sideways. The intraday resistance level is $94,000, and the support level is $90,000.
Last week, the Bitcoin price broke through the $80,000 and $90,000 thresholds for the first time. As a key component of the "Trump trade", Bitcoin has benefited from the president-elect Donald Trump's promised pro-crypto policies, including a plan to establish a national Bitcoin reserve.
Musk's "Dogecoin Godfather" post triggers a surge
In a recent post that received over 47 million views, Musk shared his meme, labeled as the "Dogecoin Godfather", which directly copied the classic film adaptation of Mario Puzo's novel "The Godfather".
The US media believes that this is not just a meme, as many people have interpreted it differently, from politics to cryptocurrencies. Supporters of the new US administration have associated it with the role Musk is likely to play. On the other hand, crypto enthusiasts believe the post is related to Dogecoin.
Some supporters believe the meme directly refers to the U.S. government's efficiency department (D.O.G.E). Notably, Musk has stated that he will implement far-reaching reforms in the government and significantly reduce waste within federal agencies.
Therefore, some believe this meme suggests he is preparing to streamline government activities after taking on a new role next year.
At the same time, crypto investors, especially those in the Dogecoin ecosystem, believe this is one of Musk's promotional posts. Some even speculate that under the "Dogecoin Father's" supervision, Dogecoin may become more prominent as the official token of Twitter (now renamed X).
With Musk's post, Dogecoin experienced a surge of over 5%. The trading volume of Dogecoin soared by 35.56% to $9.45 billion, indicating a renewed interest in the meme-based altcoin. Musk's post has supported the rebound of Dogecoin.
Rebroadcasting some trades from yesterday!!
FTT, on November 12, the group called for everyone to enter at 1.87, and it directly soared yesterday!
HIFI, a short-term 10-point gain is a sure thing, and some people look down on a short-term 10-point gain, wanting to get double or even dozens of points. Now it's just about slowly increasing the U in your hands and waiting for the big bull market to come. Having U in hand is good for planning and capturing the takeoff returns!
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