Over the weekend, Bitcoin accelerated upward, soaring by 120,000! Ethereum reached a new high, surging by 4,300! In the last 24 hours, a total of 110,604 people globally were liquidated, with a total liquidation amount of $362 million! Last week, the Sponge mentioned that Bitcoin recently broke through the $116,000 key resistance level, forming a potential double bottom structure. Short-term rebounds particularly focus on hunting these high points above $120,000. Ethereum's bullish trend looks promising. This week, Bitcoin and Ethereum rebounded as expected, and fans who followed Sponge to buy the dip are making a fortune.
BTC
Bitcoin has broken through the 4-hour downtrend line and successfully surpassed the resistance level of $118,900. The market is now fully controlled by bulls, and bears are starting to face liquidation.
Current support levels are focused around $120,000 and $119,000. Whether the market stabilizes at these support points will determine the timing for entry.
The key observation point for bulls is at $117,300. If this price level is not breached downwards, bulls are expected to continue pushing higher, with the next target being the previous high of $123,000.
Next, Bitcoin may have two possible trends:
1. After a strong breakout above $123,300, it surges to the $127,700-$128,000 range, then pulls back to $124,000, gradually breaking through various resistance points while firmly establishing support.
2. After a strong breakout above $123,300, it first rises to $125,000, then retraces to confirm support at $122,800-$122,400, and then continues to tackle resistance points at $126,850, $127,850, $128,800, etc., steadily progressing. If the $128,800 level cannot be breached, a pullback to the support level of $122,000 may occur.
ETH
The market continued to rise strongly over the weekend, breaking through with volume. Today's high tested the consolidation area POC of $4,800 from four years ago. Even without the support of US stocks over the weekend, the crazy surge in these two days has left bears with almost no footing, instead providing ample momentum for the rise.
Pay attention to the price performance at support levels 4150 and 4050 during pullbacks. In the short term, not many bulls have taken profits, and there is still demand for funds to enter the market. After the pullback ends, the market may continue to surge upwards. There are only 500 points left to the historical high of $4,800; for ETH bulls, this is not difficult, the key lies in how to achieve the breakout.
Upper resistance levels: 4360, 4480, 4660, 4800; Lower support levels: 4150, 4099, 4050, 4000
Altcoin
With Ethereum's strong rise as a driving force, Bitcoin's market share index has fallen below the trend line, which may signal the upcoming altcoin season.
Next, attention can be focused on altcoins within the Ethereum ecosystem, and even meme coins may make a return to the Ethereum chain. The current mainstream narrative in the crypto space is the ETF bull market; those who have ETFs will hold a greater advantage.
Tru: RWA concept has a low market cap, worth paying attention to, and could accelerate at any time.
odindog: It has already started, the pool has enough water, market cap limits have opened up, Dragon 1 odinpepe has a market cap of over 120M. If the subsequent platform security audit passes, it is estimated that there will be a violent rally. Also, the main force of odinpepe seems to be testing the market by trying to dump, having dumped 15 BTC, dropping nearly 80%, then buying back at the original price, likely testing how much selling pressure can be sustained. Be careful if you're chasing highs.
XRP: There are two main narratives. One is cross-border payments, and the other is RWA, which are interconnected at a fundamental level. After clearing the disputes with the SEC, Ripple can fully unleash its potential. A careful study reveals that the big crypto narrative guided by the US over the past two years ultimately points to Ripple. In the short term, there are two major positives ahead. One is waiting for its successful application for a US banking license, and the other is the approval of the XRP ETF, at the latest by October. By the way, there's also the BTC & XRP ETF applied for by a Japanese consortium, which are all real positives.
