Before the release of this week's FOMC meeting minutes, the cryptocurrency market briefly fell to a 'panic' level. Will greed return after Powell's speech at the Jackson Hole Summit?
Federal Reserve Chairman Jerome Powell will speak at the Jackson Hole Symposium on August 22. Previously, the latest cryptocurrency market pullback has made investors uneasy, even fearful. On Wednesday, the Cryptocurrency Fear and Greed Index (FGI) dropped to a 'fear' range of 45, but has rebounded to a neutral 50 at the time of writing. The uncertainty in the middle of this week coincides with the release time of the July Federal Open Market Committee meeting minutes.
However, some analysts believe that the worst period may have passed and have been downplaying Powell's statements on Friday regarding the market.
BTC
Bitcoin is in a death cross on the four-hour level, and the market has tested the purple zone multiple times, with the rebound strength weakening. This indicates that the support in the purple zone is being consumed. A breakout is likely. Additionally, the daily level shows that yesterday's large bearish candle completely engulfed the previous day's bullish candle, which is a strong bearish signal, so continue to control the rebound today.
Current price control around 1133 and 1142.
Look for a breakdown at 112000, targeting 110500-110300 for the first potential reversal.
ETH
Ethereum: Gaining momentum after the pullback, aiming for a new historical high?
Ethereum experienced a clear pullback after hitting resistance at 4800 USD, closing down 7% this week. However, this adjustment was expected — after all, it is common to see a short-term pullback after breaking through 4000 USD.
As of the time of writing, ETH price is steadily above the 4000 USD support level. This ‘pullback test’ of the 4000 USD breakout point may very well become the catalyst for its ultimate challenge to and surpassing the historical high of 4868 USD.
From the trend perspective, Ethereum buyers seem to be holding back, planning to once again challenge historical resistance levels. This wave of the market may start towards the end of August or early September. If it successfully breaks through, ETH will enter a new phase of 'price discovery', aiming for 6000 USD or even 7000 USD next.
BNB
Today, focus on the key level of 847 USD for BNB. If it can stabilize here effectively and break through with volume, it is expected to open up new space above, further aiming to challenge the 880-900 USD range; if it falls below this level, watch for a possible pullback to the support around 820 USD. Short-term trading requires close attention to price movements to avoid false breakouts or rapid pullbacks.
BIO, as the largest biotechnology project created by the teams of Vitalik and CZ, has a relatively new narrative in DeSci, especially as future life science trends will become a hot topic.
Of course, there will be some fluctuations along the way, but the current trend is upward.
Let's see how it turns out!
The leading project in the DeSci track is currently confirmed to be BIO! Who will be the second leader? Could it be VITA?
There is currently this trend, but it has only been launched on Binance AIpha. Liquidity is generally uncertain, but sometimes profits are often hidden in huge uncertainties. VITA is a crucial core of bio investment by Pfizer and Binance, but currently, the risks and uncertainties are significant.
The OKB chain has completely exploded, and it’s the biggest opportunity. I want to ambush the next 50x big dog and quickly join the group!
FISH: Currently, both FISH and DOGSHIT belong to dividend tokens. DOGSHIT has a market cap of five million, while FISH has just reached one million. You can play with a small amount.
EIGEN: Current price 1.34, planning to buy more if it drops, holding for a longer time. I am optimistic about Ethereum reaching new highs sooner or later, so I bought this in the staking track, similar to the recently recommended $ENA, which is strongly correlated with ETH, and the bottom hasn’t increased much.
Overall, the key variables in the market this week still lie in the Federal Reserve minutes and Powell's speech, which may continue to trigger market sentiment fluctuations in the short term. Bitcoin is facing a support test, while Ethereum is brewing a new round of breakout after a crucial pullback. BNB is at a critical position and could choose a direction at any time. The DeSci narrative driven by BIO is rapidly fermenting, and the competition for the second leader is full of imaginative space.
At such a critical moment, investors need to see opportunities while also understanding how to control risks, as the market is always 'washed first and then rises'. Keeping patience and waiting for trend confirmation is often the best posture to capture the windfall.
