Recently, Haimeng reminded everyone on the official account that Bitcoin is going to pull back. Bitcoin started to pull back as expected today, falling below the 94k and 93k levels in succession. As of the time of writing, Bitcoin has rebounded back to around 94,700.
After Bitcoin rebounded to $95,000 last week, its trend has been rather tangled. It is currently at a critical position, with both the possibility of an upward breakthrough and the risk of a pullback. Currently, Bitcoin's daily chart closed with a negative line, forming a "evening star" three-line combination, and the closing price was below $94,000, failing to break through the resistance level of $96,000, which also verified the previous prediction of the resistance range.
It is possible that the highs of the previous two days are close to the top, and a huge tombstone pattern may be formed here. If it falls below the support level of $91,700, it will be an important criterion for judging whether to negate the current rebound. As for other indicators, there is no clear trend at present.
In the end, we may still have to look at the specific time of the interest rate cut before the market will start to move.
At present, the Trump tariff issue and Powell's controversy seem to have stabilized in the short term, but in fact these problems have not completely disappeared, but have been temporarily postponed. At the same time, the amount of Bitcoin in the exchange is relatively small. If Bitcoin breaks through new highs and rotates among various sectors, the current market funds are actually sufficient to support this trend.
At present, Trump’s own policies, the U.S. debt crisis, funding expectations, and expectations for de-stagflation have not been met. If this really happens, it would be a fake bull market that returns to new highs and is likely to deceive liquidity.
But if the aforementioned problems are solved first or as the countless people are pulled away to a certain extent, it may even grow like a bulldozer like gold.
It is worth noting that BTC is at the critical point of the 120-day bull-bear line, and a big market is coming!
From the historical trend, at each critical moment of the alternation between bull and bear markets, such as the doubling of mainstream coins in April 2019, the ten-fold increase of spot prices in mid-2020, the 90% drop of spot prices in mid-2022, and the inscription market in early 2023, the 120-day moving average has become a clear watershed between long and short markets. The crypto market seems to have many opportunities, but in reality, market fluctuations that last for several months or even a whole year are often completed in just a few weeks. This pattern may appear again now, so special attention should be paid to market fluctuations.
In the past two weeks, the mainstream has skyrocketed and plummeted, M2 has rebounded, and on-chain data has risen, and the market is about to enter the flood season.
The "flood season" usually refers to the period between April and June each year, when BTC miners enjoy lucrative profits due to cheap electricity prices, which also prompts a large amount of funds to flow into the market, especially some small POW currencies begin to rise rapidly. During this period every year, several "POW myths" always emerge. It is worth noting that the red line represents the on-chain data of Ethereum, which has also begun to show signs of recovery recently.
Many people say that the copycat season is completely over. Will the copycat season that everyone has been waiting for still exist?
Sponge wants to say, don't be anxious. Whether mainstream coins, especially altcoins, can rise or not, the key is not the coin itself, but the flow of funds. The rise and fall of coin prices is essentially due to currency depreciation. It can be seen that the global M2 money supply is rising rapidly. The last time this happened was in the middle of last year. Thanks to Trump's policy promotion, countries were forced to open the "faucet" of monetary easing, and the trend of speculation is coming.
I hope everyone will seize the opportunity to pay attention to the recent strong altcoins, which are all good money-making markets.
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