Yesterday, U.S. stocks opened low and continued to decline, dragging the cryptocurrency market into a persistent gloom, especially Bitcoin, which became the pioneer of the drop, directly piercing through the previous 89,000 points to a new low of 86,000. The main selling pressure should come from ETFs. Huge outflows! On February 25, Bitcoin ETF saw a net outflow of 937 million USD, and Ethereum ETF had a net outflow of 50.1 million. The Bitcoin ETF set a record for the largest single-day outflow since its listing. In over a year since its launch, the Bitcoin ETF has had five instances of net outflows exceeding 500 million, but I won't list the specific days here. However, based on market trends, the first three instances (excluding December 19) of massive net outflows usually correspond with market bottoms, meaning the end of the decline.
PUMP.FUN continued to recharge over 87,000 SOL to the exchange. As I mentioned yesterday, the MEME season may have passed, and the on-chain trading volume is currently very sluggish. There are no customers for new openings, so it's time to think of ways to self-teach. After all, there’s no cost, just smash it.
Trump just announced the 'Gold Card' plan, allowing foreigners to pay 5 million USD to obtain a green card, expected to launch within two weeks, predicting the sale of 10 million cards, bringing in huge revenue and reducing national debt. I won't comment too much on this, but it fits certain people, and those who understand know. Trump is willing to do anything for money, so he probably won't return to 70 in his lifetime.
Market Interpretation
Bitcoin fell to 86,000-87,000 as expected yesterday and then rebounded, gaining temporary support. This isn't hindsight, is it? Didn't I tell you the outcome before the drop yesterday? As for the future market, I believe this support will last at least until tomorrow. Such a significant drop, and from the current rebound situation, the volume hasn't fully released, making a reversal difficult. Bitcoin needs to break above 95,000 to be considered a reversal. The downtrend has been confirmed; it's just a matter of waiting for indicators to drop and continue falling or rebounding before falling again. Keep a close eye on the key resistance levels at MA5 and MA20.
The rebound of Altcoins is alright, but compared to the magnitude of the drop, it's not enough to see. Everyone, cherish the E that starts with 25.
There are two strategies for SOL: either wait until the unlocking date on March 1 to see the situation after the negative news lands, or exit around 150.
Regarding altcoins:
Yesterday, the altcoins didn't fall much with Bitcoin, which is actually quite similar to past bottoming situations. If altcoins fall further, it would really be giving money to short-sellers. Today's rebounds are relatively scattered across various sectors, but MEME is rebounding the fastest, and of course, it also fell the hardest. This little rebound is completely useless. It’s not possible to gamble on these MEME rebounds because the deeper you try to cover, the deeper you get stuck.
Bitcoin market fear and greed index: 21 (extreme fear)
I'm about to launch a divine order for layout preparation in the next few days!!!
Comment 1: Get in!!!
Impermanence brings impermanence brings impermanence!!!
Important things should be said three times!!!
