After yesterday's sharp decline, Bitcoin and Ethereum both welcomed a brief rebound. Currently, Bitcoin is hovering around 115,700 USD, while Ethereum is lingering around 4,290 USD.
In the past 24 hours, a total of 107,067 traders have been liquidated in the market, with a total liquidation amount reaching 401 million USD, and the long-short battle remains intense.
BTC: Bearish pressure is evident, still need to be cautious about further declines.
In the early hours, Bitcoin briefly surged to the lower edge of the weekend range but quickly encountered resistance and fell back, indicating heavy selling pressure in that area.
From the daily perspective: Yesterday, it broke through the previous low, and today it continues to weaken, with the 7-day moving average clearly turning downward, increasing the risk of a death cross. The volume shows 'shrinkage during rebounds and expansion during declines,' and bearish sentiment is still spreading.
MACD has formed a death cross and is running downward, with the negative value of the histogram continuing to expand, indicating an increase in bearish strength. However, the fast and slow lines are still maintaining above the 0 axis, and the medium to long-term bullish structure has not been completely destroyed.
Key support level: In the short term, attention should be paid to the 112,000 level. If it continues to break down, further testing of the 105,000-107,000 range cannot be ruled out.
4-hour chart: After multiple attempts to break 116,500 failed, a long upper shadow bearish candle was formed. Today, the focus is on the 113,000 support.
ETH: The bearish trend continues, and the high short strategy still prevails.
Daily chart: The price has fallen below the 14-day moving average and is approaching the 4150 platform support. Once lost, the psychological level of 4000 USD will become a key focus for long and short positions.
Trading volume: Since mid-August, the pattern of decreasing volume during declines and shrinking volume during rebounds has not changed. Yesterday's volume increase during the decline further verifies that selling pressure is increasing.
MACD: It has formed a death cross and turned negative, with the bearish trend gradually spreading, but it has not yet entered the extreme oversold zone.
4-hour structure: The series of high points moving down from 4780-4680-4580-4380 shows a typical weak pattern. If there is a rebound today, pay attention to the resistance near 4280, with operations still focused on high shorts.
Altcoins: Resilience has increased, and liquidity has been siphoned off by ETH.
The altcoin sector generally declined, but it is worth noting that the decline did not trigger a crash like in the past. This indicates that in this wave of market, leveraged funds are more concentrated in ETH rather than small coins.
Therefore, if considering bottom fishing in the short term, the focus should still be on mainstream assets like BTC and ETH, rather than blindly rushing into small-cap coins. Where the funds are, opportunities will be.
On-chain hotspots: Lottery coins surged 20 times, and the golden dog is still brewing.
$XDOG, as the 'leader' of X chain, still shows a sluggish trend today, with no significant improvement.
An unexpected dark horse comes from the 'lottery coin' $XLAB, which surged 10 times yesterday and even shot up 20 times in the early morning, resembling a 'resurrection' spectacle.
The market's major players are still cautiously observing, waiting for real official recognition of the leaders.
Investors who hoard $OKB continue to achieve stable profits.
On the BSC chain, the performance of donkey coin $DONKEY is better. Overall, the 'golden dog' will eventually appear; it’s just that the timing is not right.
Today's hot topic supplement.
It is worth noting that the US CPI data is about to be released, and the market is once again speculating on the Federal Reserve's interest rate cut expectations for September, with CME tools showing a probability of over 90%. Meanwhile, Bitcoin and Ethereum ETFs saw a return of net capital inflow yesterday, with the ETH ETF recording over 30 million USD in buying in a single day, which is one of the reasons ETH can rebound quickly after the sharp decline.
The short-term market remains bearish, but as the macro policy game heats up, the market is likely to experience rapid fluctuations in sentiment.
