The recent Bitcoin market is in a delicate stage, with prices brewing signals of a potential reversal in a narrow range. Technical indicators and on-chain data suggest the market may be entering a phase of peak, but in a low liquidity environment, sudden news or macro events could still quickly change the trend.
For retail investors, the current situation is both a risk window and a layout opportunity—especially during Bitcoin's consolidation period, one can provide stable income through activities with low entry barriers like Binance Alpha airdrops.
The 106800 pressure level mentioned yesterday was quite accurate; BTC started to drop after hitting this level, and it has now fallen by 1300 USD. If you shorted, you could make 1300 USD per BTC.
In the spot market, no one likes to buy at high prices; CVD data has been showing selling. If it can't break through 106800 in the short term, it might still need to consolidate. Personally, I think it will drop further.
The contract liquidation amount for both long and short positions is considerable; there may be a wave of price increase from 9 PM to 11 PM to trick short sellers into stopping out, while also trapping those chasing high prices, with a peak around 107300, followed by another drop. It is advisable to short on rebounds and not chase highs.
ETH has been jumping around recently, but it attracts more buyers than BTC. In the spot market, there are many small purchases being made repeatedly. Interestingly, the number of short sellers during the day has also increased; with both sides competing, the price has stagnated at a high level, with the upper pressure point at 2660.
The current market is primarily driven by contract funds, and it is uncertain whether this will continue. If one day the spot buying suddenly surges and breaks through 2750, the next stop could potentially be 3000. For now, consider it as a consolidating market where both bulls and bears have opportunities, as there must be opposing positions to make it work.
Two major events recently!
Circle, IPO on June 5 on US stocks, priced at 27-28 USD, 32 million shares, raising 880 million USD. Currently, subscriptions exceed 20 times.
Circle is going for an IPO, with its parent company, USDC, valued at 7.2 billion USD; this is a major event in the cryptocurrency space. It’s not an exaggeration to say this is equivalent to the ‘Coinbase moment’ for the stablecoin industry. Compliance, legitimacy, openness—once the hype starts, related coins are sure to take off.
I will analyze a few potentially correlated coins:
MKR: An established project with stable trends, closely related to USDC (Dai is issued by MakerDAO), and has both stablecoin and RWA concepts. Its market cap is not particularly large, providing sufficient room for fluctuations, and capital likes this logic, making it suitable for mid-term holding.
ONDO: currently a benchmark project in RWA, the concept is hot, but the market cap is a bit large, so the growth might be slow, suitable for those seeking stability; the main upward wave may not have arrived yet.
ENA: This is what I am most optimistic about. There are several reasons: a large number of tokens were just unlocked a few days ago, yet the price did not drop, indicating strong resilience; trading volume is nearly 10 times that of other RWA/stablecoin projects, clearly showing that capital is making moves.
From a conceptual perspective, it coincides with three hotspots: ETH rebound (driving the L2 ecosystem), USDC/Circle possibly going for an IPO, and speculation linked to stablecoins. ENA now has the right concept, capital flow, and market sentiment in place, making it a good time to take a position.
Summary: ENA is suitable for early positioning to catch a short-term explosion, MKR is suitable for mid-term, and ONDO is for conservative players. Of course, how it ultimately goes still depends on the overall market, but as long as the wind is in your favor, just get the direction right.
Labubu has halved! Is the narrative coming to an end?
Labubu on the Sol chain has dropped by half from its peak, and the current market cap is 29 million USD. While it’s uncertain if there will be another wave, this IP has indeed become a high-risk operation target. Since the speculation on Labubu on the ETH and BSC chains began, the Sol chain has noticeably struggled to keep up, which seems to relate to previous high pull and sell-off...
Recently, operations on the Sol chain have been quite difficult, whereas BSC and Base chains are easier to work with. If you want to invest in the Labubu token, you can buy less on the Sol chain; if liquidity returns later, the leading tokens should rebound significantly. However, there is a risk to note: some promising targets recently have not been picked up by major exchanges, such as Believe and Labubu; if Binance plans to put Labubu from the BSC chain on the Alpha exchange, can Labubu still lead from the already weak Sol chain?
Additionally, the KTA movement on the Base chain is quite good; this is the first token to break 1 billion USD in market cap after the Trump concept, worth noting.
Recent on-chain operation advice: avoid Sol.
Multi-chain players should take a look at BSC and Base.
My personal operations today: followed a bit of Berry.
Pay attention to Matt's peripheral concepts, as his new book is about to be published, and the editor has posted a picture of Berry on Instagram. If Matt's peripherals release Dogecoin, Berry would be worth the wait; the K-line trend looks good, forming a second-stage shape.
Next, there are two opportunities worth focusing on:
WLFI's USD1 competition might see new coins popping up;
If liquidity on the Sol chain falters, funds might flow to these two chains, Base and BSC.