Gold has fallen into severe volatility after reaching a high of $3,500, with short-term upward momentum weakening, and market focus is gradually shifting to Bitcoin. Current macro policies and institutional movements are injecting new momentum into BTC, with many sovereign funds, businesses, and financial institutions accelerating their Bitcoin layouts through ETFs and spot markets.
On-chain data shows that Bitcoin and stablecoins are flowing out of exchanges simultaneously, indicating that the market may be at a potential turning point. Meanwhile, altcoins remain in a high-risk state, especially during Bitcoin's pullback, with some meme tokens facing significant retracement pressure. Caution is advised when chasing highs, and for some assets that have rebounded too much, considering shorting on rallies is even an option.
From a market share perspective, Bitcoin has been continuously rising since 2022, with no significant signs of a pullback. Historical experience shows that altcoin bull markets often accompany a decline in BTC's market share, and currently, it still appears to be in a warming-up phase. The real altcoin season usually occurs after Bitcoin's market share peaks and begins to decline. In the last bull market, Bitcoin's market share peaked at 72%, and this time, due to the explosive growth of altcoins, it's challenging to reconvene, thus it's essential to pay attention to the emergence of turning point signals.
In terms of price movement, BTC faces strong resistance in the $95,000 to $96,000 range, and the volume has not been able to sustain growth. The four-hour level shows signs of a top; if it drops to the $94,000-$93,500 range, a light short position can be taken with a stop loss set at $95,000.
ETH has broken through after a long period of consolidation, currently facing resistance around $1,840, with short-term support at $1,740-$1,720 and a stop loss at $1,700.
For other mainstream coins, SOL faces strong resistance in the $153-$155 range, with short positions possible at $152-$154 and a stop loss set at $157; BNB should watch the $600 level, with spot support at $587 and $595.
Some altcoins have recently rebounded, such as LDO, ARB, OP, RPL, PEPE, PENDLE, and ENA, but caution is needed against the risk of a pullback; avoid over-investing in chasing gains. Especially before the market as a whole forms a clear upward trend, controlling positions is the core strategy.
In addition, after experiencing significant inflows, stablecoins turned to outflows in the early hours of the 23rd. Nevertheless, the overall supply still shows an upward trend. If BTC stabilizes after a pullback to the $90,000 level, it may provide a buying opportunity. However, to break through $95,000, it still relies on stronger positive momentum and new capital injections.
When the market focuses on the Ethereum Pectra upgrade on May 7, don't overlook another important milestone: the Ethereum ecosystem project based on ZK Rollup, OpenZK, with the token $OZK launching today at 18:00 (Singapore time) on four major exchanges: MEXC, BingX, LBank, and Coinstore.
As a Layer 2 infrastructure, OpenZK's value capture capability is being released at an accelerating pace.
At the end of February, I reminded everyone to participate in its airdrop, and early users could receive a 10x points reward. Now the project party has indeed fulfilled its promise, and right after the activity ended, the TGE occurred, and the goods are here!
Summarizing potential tokens to watch in the recent market! With the Prague upgrade approaching, I think the following coins have potential:
That's it for the article! If you're feeling lost in the crypto space, consider joining me to strategize and harvest from the market makers!
