Analysis of today's white sugar market - February 22, 2025
Personal opinion, no investment recommendation
Background events:
On February 21, 2025, Bybit had a technical failure, which caused the trading pairs to be unable to trade normally, the currency prices were not updated in time, and some accounts experienced abnormal fluctuations. This incident caused market panic, resulting in a short-term retracement of Bitcoin and Ethereum prices.
Impact of the incident:
Market sentiment panic: Technical failures caused investors to panic, failed to trade or stop losses in time, and aggravated market uncertainty.
Fund outflow: Funds flowed to gold and the US dollar, reflecting investors' risk aversion.
Reputation loss: The failure affected the reputation of the Bybit platform, and some investors began to turn to other exchanges.
Market review:
Before the incident, Bitcoin (BTC) fluctuated around $95,000-96,000, and Ethereum (ETH) remained in the $2,600-2,700 range. After the incident, Bitcoin fell to a minimum of $94,000 and ETH fell to around $2,650.
Technical analysis:
Bitcoin (BTC):
Support level: $94,000, if it falls below, the support level is $92,000.
Resistance level: $96,000, after breaking through, it can look to $98,000.
Ethereum (ETH):
Support level: $2,650, if it falls below, the support level is $2,550.
Resistance level: $2,700, after breaking through, it may rise to $2,800.
Outlook:
Short-term uncertainty: The market is still affected by platform stability and sentiment fluctuations, which may increase short-term risks.
Fund liquidity risk: Some funds may flow to other more stable platforms, and liquidity risks will increase.
Long-term view: The fundamentals are still strong, and technological innovation and institutional funds will provide support for the market.
Investment advice:
Short-term investors: Be cautious and pay close attention to support and resistance levels.
Long-term investors: You can deploy Bitcoin and Ethereum in batches, but you need to adjust your strategy flexibly.
I am currently bearish, the limit price is 2135, buy at 2105, cover the position, and take the pin