$BTC Today's cryptocurrency market analysis: 👇🏻
Global assets have pulled back across the board, Bitcoin is gathering strength❗
Last night, global assets experienced a pullback across the board, whether it was U.S. stocks, U.S. bonds, or gold and silver, all were in retreat. BTC certainly couldn't escape this, and the entire cryptocurrency market fell along with it, with Bitcoin dropping as low as 69000, SOL falling below 170, and ETH dipping below 2500 at its lowest. So, what is the reason?
The trigger point is certainly due to a large number of earnings reports during the earnings season not meeting expectations. It's not that these earnings reports are bad, but rather that they are not as good as anticipated; in other words, they are just not good enough, leading to a complete collapse of the 7 sisters led by U.S. stocks MAGA. Subsequently, the DXY fell, followed by a retreat in gold, and then a broad downturn in European capital markets.
This is what I mentioned in my previous post, this position (referring to 73000) is clearly not a time for FOMO, nor is it a good point to increase positions, unless Bitcoin truly stabilizes above 72000, and even challenges 80000, the overall cryptocurrency market will trend upward.
Now that the cryptocurrency market has gone through this pullback, the prices are much healthier, but is it time to act? Not yet. I will not sell, nor do I believe it is a good time to increase positions. At this moment, the BTC fear and greed index has reached 75. You see, the market is still strong and confident, this position is still suitable for holding and waiting.
ETH's Vitalik has also released a lengthy article; those interested can follow. At this time, ETH needs more than just motivational articles to boost confidence; it requires solid technical upgrades, scaling, and new capital injection. While confidence may be elusive, if truly lost, it is not easy to regain.
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