The cryptocurrency market wiped out all gains since the 15th last night, with negative PPI inflation data triggering a market sentiment collapse. Bitcoin plunged to around 70,500, and Ethereum fell below 2,153. Essentially, the market lacks confidence in the bull market, leading to a coordinated sell-off. Current risk aversion is high, severely testing the ability to manage a cash position.
In the past 24 hours, a total of 138,991 people across the internet have had their positions liquidated, with a total liquidation amount of $457 million. Long positions were liquidated for $382 million, and short positions for $74.1277 million.
BTC
As expected, the market plummeted. The eight-day winning streak ended, and the bulls lost momentum, signaling a potential top. The initial prediction for the afternoon was a downward reversal around 5 or 6 PM, but the drop didn't occur until 7 or 8 PM, a margin of error of only about an hour. The news released in the early morning is unlikely to have a significant impact, and policy measures will most likely remain unchanged.
After breaking below the upward channel, the price plummeted by four to five thousand points, and is now near the first support level of around 70,000. The first sharp drop has ended, and a continuation of the downtrend is highly probable. If the price rebounds to 72,500-73,000, short positions can be short. If it breaks below the 69,000-70,000 support zone, the next target is 65,000.
If you want to go long: enter the market around the current price of 70800. There is a need for a small rebound, so you can take advantage of the rebound and then go short.
ETH
Ethereum's recent price action followed a symmetrical triangle pattern, breaking down and falling, but overall it has outperformed BTC. It's currently around 2150, not yet reaching the 2080-2050 support zone. The short-term trend has shifted from upward to downward, and it's likely to continue its downward continuation pattern.
The subsequent structure is estimated to be a bearish wedge, with the rebound high likely around 2257, followed by further downward movement. My plan is to profit from both long and short positions. I'm holding long positions now, and will close them and switch to short positions once the price rebounds. I'll adjust accordingly if there are any changes.
If you want to go long: enter at the current price of around 2185. There is a need for a rebound on a smaller timeframe, so you can take advantage of the rebound and then go short.
$BIO
The BIO candlestick chart shows a very regular pattern, typical of bot-driven quantitative market making—too standardized and mechanical. Any significant amount of capital entering the market is easily targeted. In a bear market, major players don't even bother with pretense.
KAT
KAT has really fallen below 0.01 this time, and this is the performance it has shown even after being listed on Binance and OKX spot markets. Those who held onto their hopes and didn't liquidate their positions have been disappointed. This project team is indeed a bit incompetent.
Binance delisted a bunch of coins yesterday, so don't even think about buying the buy the dips.
Want to buy the dips? The bottom is still a long way off, especially for those worthless Altcoin. Remember: Don't buy! Don't buy! Don't buy! There's no bottom to be found!
As for future profit opportunities, it depends on whether any market trends emerge on the blockchain. Currently, the secondary market is basically hopeless. Even if you're lucky enough to buy something, you must sell as soon as the price goes up – don't hesitate!
It's said that the BSC (On-Chain meme, Simplify, Analyze) market is like a "masochistic" place; the more you criticize it, the more stable it becomes, and the more you praise it, the more it dies.
Look at Shawmakesmagic's $MILADY. It was criticized across the internet when it launched, but it became one of the most resilient among projects with a million-dollar market capitalization at the time. The same goes for Titan today. It was criticized at launch, which had nothing to do with cryptography, but now it's become a hot topic for the next Alpha round.
Conversely, those highly anticipated star projects like $Fight, $MOONDOGE, $来跟华子, $驴子快跑, and $AnAn登 all flopped in one fell swoop. So the conclusion is simple: if you want the projects you buy to last, never praise them, but criticize them relentlessly!
