BTC and the overall market continue along a consolidation path; there are no significant positive factors for BTC at the moment, so it's about monitoring the status of various trading chains. The Binance chain has performed well recently, with significant increases in the past few days, and there has been some progress with Solana's ETF, one being the leader of centralized exchanges and the other being a hot topic for decentralized exchanges, which is still worth looking forward to. Overall market trends are still consolidating; this article serves only as a personal review and does not constitute any investment advice.#BNBChainMeme热潮
First, the conclusion, followed by the news and technical analysis:
Regarding BTC: It is predicted to consolidate between 94,000 and 99,000, with no new trend emerging for now.
Regarding BNB: It is expected to consolidate between 680 and 730. The Binance chain has strengthened and surged; if an airdrop occurs at this time, it could increase further, but one should also be cautious as prices have risen quite a bit in the last few days, so avoid chasing highs excessively.
Regarding ETH: It is expected to fluctuate around 2,400 to 2,800, with a weak trend.
Tokens like Dogecoin, Solana, and Ripple are primarily fluctuating with Bitcoin. Solana is worth watching; Dogecoin had a brief surge, triggering many short positions before continuing to decline, suggesting it was merely a rebound from oversold conditions, with no indication of a sustained rise.
The altcoin season index shows that in the past 90 days, about 42 projects among the top 100 by market cap have outperformed BTC, an increase of 1 from yesterday, indicating a recovery in altcoin sentiment.
From the news side, Mastercard's cryptocurrency progress: Mastercard reports that 30% of its transactions will be tokenized by 2024, recognizing the disruptive potential of stablecoins and cryptocurrencies on traditional finance. The company collaborates with cryptocurrency participants to enable users to purchase cryptocurrencies using credit cards and spend balances at merchants. The projected net income for 2024 is $28.2 billion, a 12% year-on-year increase. Texas BTC reserve bill: Texas Senator Charles Schwertner has reintroduced a bill allowing investment in BTC or cryptocurrencies with a market cap of at least $500 billion, with no purchase limit. This bill will be one of the priority bills in the Senate in 2025. SEC and CFTC discuss cooperation on cryptocurrency regulation: The SEC and CFTC are discussing how to cooperate on cryptocurrency regulation, possibly reinstating the charter of the Joint Advisory Committee established in 2010, which has been inactive since 2014.
Next is technical analysis:
1. From the BTC candlestick chart, the daily line is still in a box pattern, currently in a downward channel, with a stalemate between bulls and bears, and no obvious breakthrough has formed.
2. Greed and fear index observation: currently at 46, up by 3 from yesterday, which falls within the neutral range; this range typically does not last long in a bull market.
3. The funding rate for BTC perpetual contracts is 0.0052%, while ETH is 0.0039%, both of which are slightly lower than yesterday, indicating increased bearish strength.
4. Observing the maximum pain point for options in the next three months, within three days at 96,000-98,000, the impact is minimal. However, at the end of March, there is a maximum pain point to watch at 85,000, with a notional amount of 10.1 billion.
5. Spot ETF observation: BTC decreased by 2,621 yesterday, while ETH decreased by 15,700.
6. According to the RSI relative strength index, the 24-hour indicators are: BNB entering strong territory, BTC, Dogecoin, Litecoin, Solana, and Ripple are neutral, while ETH and Dogecoin are weak. Most other mainstream and altcoins have dropped to neutral and weak levels, and market sentiment is gradually recovering, although overall selling pressure remains low.
7. From the topping index, it is currently positioned moderately lower, in a suitable position.
8. The BTC holding index is at 1.22, which is basically suitable for regular investment in holdings.
Recently, ADA, BNB, and even Dogecoin have seen increases; one can actually convert some into BTC at highs to reduce the risk of significant declines in non-BTC coins that could occur later. After BTC breaks new highs, one can look for rotation hotspots, which would be relatively safer.$BNB $ETH $BTC
