Yesterday, I mentioned that Bitcoin may have the risk of a false breakout, but it failed to hold the $100,000 mark. In the middle of the night, the market experienced a sharp correction, falling below $91,000, a drop of more than $10,000.
Yesterday's funding rate was too high, and Bitcoin's breakthrough of $100,000 triggered investors' FOMO sentiment. Judging from the liquidation data, the amount of Bitcoin's liquidation exceeded $500 million, accounting for half of the total liquidation amount. Therefore, this pin-point pullback is obviously aimed at Bitcoin's deleveraging market.
From the perspective of time nodes, the timing of this pin-point pullback is also quite coincidental. The last time Bitcoin hit bottom was on August 5, when the price fell below $50,000, and this breakthrough of $100,000 also occurred on the 5th, with a time span of exactly 4 months. In addition, Bitcoin hit bottom on March 12, 2020, and reached a staged high around March 12 at the beginning of this year. These key time nodes are worthy of attention and vigilance.
This familiar "deleveraging trend" is not uncommon in the bull market. Due to the overheated short-term market sentiment and the high leverage ratio, the risk of liquidation increases. From the perspective of Bitcoin's market capitalization, it has now broken through multiple upward trend lines in a row. The trend of increasing market share divergence since June 2023 seems to have ended. Combined with the recent trend, it can be preliminarily judged that the rise in Bitcoin is spreading to the entire crypto market. Bitcoin's market capitalization may have peaked, and the next step may be a general rise in the bull market.
Judging from the ratio of BTC long and short positions on OKX, this indicator often means high risk when it is low. It has now entered a safe zone and the short-term risk has been basically eliminated. In the next few days, Ethereum will most likely continue to rise after Bitcoin. After Ethereum's rebound, it is necessary to pay close attention to the possible pin-point correction of altcoins, especially in the second half of the month. Past history shows that April 18 and May 19, 2021 were both time periods when altcoin risks broke out.
The non-agricultural data will be released at 9:30 tonight, and the market is expected to fluctuate greatly. A short-term downward retracement may be a good opportunity for layout, especially for Bitcoin, where $90,000 below may become a solid bottom for some time to come.
December is full of opportunities to get rich! These 3 altcoins are worth grabbing!
WLD
Worldcoin (WLD) is currently priced at $4.1, up 6.69% in the past 24 hours. Its market capitalization has also risen by 7.61% to $2.59 billion, with a 24-hour trading volume of $1.26 billion, accounting for 48.47% of the total market capitalization. The fully diluted valuation (FDV) is $35.27 billion, showing great growth potential.
From the perspective of market sentiment, WLD's performance remains strong. The current reading of the Fear and Greed Index is 84, reflecting the extremely greedy sentiment in the market. In the past year, the price of WLD has risen by 45%, showing a long-term and stable growth trend. Statistics show that in the past 30 days, WLD's closing price was higher than the opening price on 18 days, and the average daily increase probability reached 60%.
WLD's high market capitalization liquidity provides investors with convenient market access and strong support for its price. According to forecasts, the price of WLD may fluctuate between $3.39 and $9.83 in December 2024, with an average price of $6.00. With its strong liquidity performance and technical advantages, Worldcoin remains an attractive option for investors.
ABOUT
SUI is a token for a first-layer blockchain, and its price has been impressive recently, rising 15% to break through the $4 mark. Technical charts show that SUI is currently in a typical bull flag pattern, indicating that it may continue to rise.
If the uptrend continues, the SUI price could break above $4.8. However, if the bears gain the upper hand, the price could break below the critical support and fall back to $2.82.
Overall, SUI's market performance implies high volatility and investment risk. Investors should operate with caution and pay close attention to market trends and changes in key technical indicators.
ENS
ENS (Ethereum Name Service) is Ethereum's domain name service, which provides a unique and easy-to-remember "website" for users' crypto assets, thereby simplifying complex blockchain address interactions.
As the DeFi and NFT markets continue to prosper, the application scenarios of ENS continue to expand, and its value is expected to increase further. Especially in the context of more and more users and projects needing to establish identification for assets and identities, the demand for ENS will show a steady growth trend.
With its unique positioning in the blockchain field and wide applicability, ENS is considered to be one of the potential altcoins that deserves continued attention from investors.
