Market Dynamics
Bitcoin continues to fluctuate, and altcoin trends are gradually rising. Bitcoin's dominance rate breaks on the weekly chart, and the ETH/BTC exchange rate breaks through on the monthly chart, with the market focusing on compliance and real returns. U.S. stocks rise in sync, and in news, the White House states it will soon fire Powell. In addition, ETH, MicroStrategy, Sbet, and stablecoin issuer Circle are all performing strongly with significant gains.
Market Highlights:
1. Public chain ETH leads the rise, with the ETH/BTC exchange rate breaking through on the monthly chart; tokens like CRV and CVX surge under the stablecoin concept. The meme coin SPX on the ETH chain reaches a new high, with the operator Murad making $60 million from it.
2. The meme coin launch platform Bonk on the Solana chain surges, while Pump experiences a significant drop, with both nearing similar revenue scales. The Bonk meme coin ANI performs strongly, with Musk's account mentioning the token multiple times, attracting market attention.
3. Previously weak projects like Floki, Bome, Cati, and Meme are experiencing rebounds, and on-chain dog coins are actively speculated. Current market sentiment is high, and potential risks should be noted.
4. Binance lists Caldera (ERA), a project that is an L2 rollup deployment platform, with total funding reaching $25 million.
Bitcoin and Ethereum Market Analysis: Key Focus for BTC and ETH Today
Let's review yesterday's situation:
Bitcoin consolidated yesterday, with the 4-hour chart showing good recovery, and the downward momentum is slowly easing. However, the daily level of consolidation is not yet complete, and it seems like it might hit a peak in the short term, likely needing a correction. The weekly chart looks better, and fundamental news should be closely monitored, especially regarding the Federal Reserve's interest rate cuts. Today is likely to continue consolidating, but on a larger time frame, the weekly chart has already started a new round of upward movement.
Ethereum's situation is quite interesting, as it directly shows an independent trend, breaking the important resistance level of 3300. The 4-hour chart appears to be moving too aggressively, having risen too much and likely needing a break for correction, though the daily chart looks relatively healthy. Today is expected to see a corrective consolidation, which is part of a normal recovery trend.
Altcoins are rising alongside mainstream coins, with indices slightly increasing, and most are starting to see broad gains. However, don’t rush to act; wait for the mainstream coins to stabilize before shifting liquidity. Coins in the Ethereum ecosystem are heavily influenced by ETH, so it's better to wait and see until it stabilizes. Recently, Binance has had many activities, and if Alpha points can be accumulated, do so, as they might be useful in the next round of activities. The SOL chain is quite lively now, and it’s worth keeping an eye on MEME coins.
Now, let's discuss today's key points:
BTC's 1-hour and 4-hour charts have returned to normal states, and the daily chart is similar. Today, sideways consolidation is expected, with support at 116500-117000 and resistance at 119000-120000.
ETH's 1-hour, 4-hour, and daily charts have all entered the overbought zone, and a correction is likely today. Support is at 3200-3300, and resistance is at 3400-3500.
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