The market has been bleak in the past week. After Bitcoin reached a historical high of 123k, it has been consolidating for half a month and has chosen to go down, falling to around 111.9k; Ethereum dropped from 3941 to around 3300. The drops for both are not large, but retail investors feel the pain strongly because altcoins have plummeted. According to incomplete statistics, among 4362 altcoins, even with a slight rebound today, 63% are still falling, not to mention the severe situations from a few days ago.
As for the reasons behind the altcoin crashes, some whale project parties sold off and ran away; when risks increased, funds fled to avoid risk, entering BTC and ETH; and retail investors constantly cutting losses and selling, there are all kinds of situations, after all, each altcoin has different backing.
Now it's all daily charts, if it rises, it keeps rising, if it falls, it keeps falling, bottom fishing is endless, essentially never ending, testing the bottom once, breaking the bottom once.
Bitcoin has been oscillating in the 100k to 120k range for a month.
The subsequent range for BTC will narrow, mainly waiting for line drawing and chart recovery. The weekly chart is completed, while the monthly chart still needs a month or so of oscillation. Currently, Bitcoin's premium is back to normal, with a slight price rebound, but the premium did not increase during the rebound; it only recovered after the rebound. This is driven by futures shorting or going long, not by spot buying. Moreover, after the rebound, the premium gradually rises, indicating that bears are still adding positions.
In the second half of the bull market this cycle, playing altcoins to earn excess returns comes down to two strategies:
First, buy low and sell high in small trends; second, when style switching, trend strong and avoid weak, simply put, exchange altcoins for Bitcoin to avoid risks. To wait for the big wave in the later stage, one must have a strong mindset to withstand the continuous rollercoaster.
From the perspective of altcoins overall, the second trend adjustment has lasted more than a week, and the sharp rises and falls have cleared a lot of leverage. Currently, downward pressure is limited, but there is significant upward potential. The strong ones will quickly rebound in the short term, while the slower ones will consolidate sideways to accumulate again. Remember, bull markets often have pullbacks, don’t be afraid!
Last mention: Brother Sun has taken off, this time there was no delay, and has safely landed.
This space flight took about 10 minutes in total, costing $28 million, burning $2.8 million on average per minute, and TRX also landed successfully~
