ETH failed to break through $5000 last night, mainly due to the plunge of BTC. Recently, $BTC has indeed been soft. As mentioned before, $ETH wants to break through the key level, which requires continuous buying from institutions and BTC to strengthen itself. After all, if the overall market collapses, high-profit positions will accelerate their exit, and the buying pressure will be overwhelming, making it impossible for ETH to take off on its own.
BTC's support level is still in the range of $102,000 to $108,000. From the chip distribution, those who are slightly in the red at high positions are unwilling to cut losses, and those who have reduced their low-position floating profits are also reluctant to exit, so the selling pressure is naturally small; additionally, there is little trading around $109,000 to $111,000, and funds that haven't entered may feel that it's cheap here and are more willing to enter.
The weakening demand for BTC is related to the holdings of whales. High-net-worth individuals holding 10-100 BTC have been reducing their positions recently, but the extent is smaller than in May-June this year; meanwhile, whales holding 100-10,000 BTC are still net accumulating, although the pace of accumulation has slowed in the last 30 days, resembling the trends in January-February and May-June this year.
The actions of large holders directly determine the trend of BTC, but as long as there is no exhaustion of purchasing power or continuous significant reduction in holdings, BTC is unlikely to directly turn from bullish to bearish. Market sentiment recovery takes time, and we need to be patient while managing our positions well. Don't wait until opportunities arise only to find that you have no bullets in hand; after all, the crypto market is never short of sudden plunges and lacks people who are prepared to buy the dip in advance.
I will continue to lay out my strategies! Instead of blindly exploring and failing to capture the best entry and exit points, leading to holding losses, it’s better to follow me, and those who agree can come directly.
