Overnight, BTC tested the 30-day moving average of 87.1k but failed to hold, closing back around 84k. The movement last night was fairly standard, as mentioned in yesterday's article that the market is rebounding. This false breakout is still quite powerful, leading to consecutive declines. Trump's speech at the crypto conference didn't reveal much, more like a grand promise, talking for half an hour without a single actionable insight, just blowing hot air as expected.
Data from the last two days show that short-term players are still the main force exiting the market. In the last two days, those bottom-fishing have also increased their exit momentum, and some high-position holders are cutting losses to leave. It’s not hard to see that 79,000 — 83,000 is a recent small peak for bottom-fishing, but compared to the concentration area of 93,000 — 98,000 USD, the funds entering recently are still negligible. If Bitcoin can break through 90,000 in the short term, more people will likely enter, and the market will welcome a breakthrough.
Bitcoin's key point today is 83,100, with support at 82,000. If it breaks down, we still look bearish towards around 79k to capture liquidity, then see the bull market reach 100k.
Is Ethereum really the doomsday battle vehicle?
OG has shorted a total of 550,000 ETH, worth 10 billion. Although it looks scary, the contracts are leveraged, so the actual capital might just be around 2 billion holding this 10 billion short position. If Ethereum begins to rebound, this 10 billion short position may need to be forced to buy back, turning into fuel for an upward trend, leading to a chain reaction of liquidations.
What caught my eye yesterday was BUBB
Overseas artists, uniquely on the BSC chain. If BSC can produce a leader and open up the ceiling on-chain, many developers, project parties, and retail investors will be attracted to BSC.
Bubb skyrocketed from a market cap of 1.4m to 26m, even hitting a peak of 28M, and now it’s at 16M. Still saying it’s just small play? Still saying it’s a conspiracy? Still saying the meme cap on BSC is only 5M? The artistic leading project hasn’t run yet, right?
The current market narrative has defaulted to the idea that BSC needs an artistic meme benchmark, and $BUBB is filling this gap. Artistic meme styles on the BSC chain are relatively scarce recently, likely forming a unique narrative and enjoying the market cap space of a leading project.
The current heat is still on-chain, with a surge of 'meme coins' coming, the gameplay has always been the same. A big 'golden dog' will emerge from the BSC chain; the earlier you discover it, the lower the market cap, so everyone get ready to go all in.
Haven't you tasted the dividends of meme coins yet? How to quickly get started? Master the tricks? A quick visual guide to understanding the gold mining guide:
