Last night, the market once again staged the 'Heaven and Earth Needle' drama—there were no surprises in the Federal Reserve's interest rate decision, but the main players took the opportunity to harvest. U.S. stocks, cryptocurrencies, and gold all experienced severe fluctuations, and although prices eventually leveled out, countless people were left with empty positions.

According to data statistics, a total of 144,050 people were liquidated globally in the past 24 hours, with a total liquidation amount reaching $434 million, indicating the brutal nature of the market.

$BTC: The market logic hasn't changed, holding the support, waiting for new highs

Bitcoin's overall trend maintains the previous judgment, still revolving around a few key points:

  1. $120,500 is still the main resistance, which is the core point to determine whether a new high market can be opened. If successfully broken, the upper targets can look towards $132,000 and $154,000.

  2. Regarding support levels, the key for the weekly chart is $115,600, and more importantly, for the monthly chart, it is $112,000. These two points must be firmly defended.

  3. The daily structure is biased towards bearish fluctuations, with the current pressure range located at $119,500 – $120,500, still a short-term dividing line between bulls and bears.

The strategy remains simple and straightforward: focus on key positions, positional trading, and make easy money.

$ETH: Phase reduction of positions, focusing on pressure breakthroughs

Ethereum began to rebound after a false breakdown of $3680 yesterday, overall consistent with previous judgments.

Currently, special attention should be paid to the $3850–3888 resistance zone. If it can break through, this long position is expected to challenge the $3980–4080 range.

Short-term operation suggestions:

Altcoins: collectively sluggish, focusing on the potential explosion of ETF concepts

Although Bitcoin and Ethereum rebounded quickly after the spike, altcoins overall still appear weak. What needs to be focused on now is: if Bitcoin cannot break new highs subsequently, altcoins are likely to fall into a turbulent downward trend.

However, this also brings new layout ideas: prioritize focusing on coins with the 'spot ETF concept', which may be speculated on by funds in the future.

Coins that have submitted ETF applications include:

  • Mainstream altcoins: SOL, XRP, LTC, ADA, AVAX, APT, SUI, MOVE, TRX

  • Mainstream MEME coins: DOGE, TRUMP, BONK, PENGU

Currently, the market has the highest expectations for the SOL spot ETF, but the SEC has postponed approval twice; meanwhile, the XRP spot ETF is seeking public opinion, and its progress is also worth watching.

In addition, strong coins similar to the 'MicroStrategy model' (BTC, ETH, BNB, XRP, TRX, SOL, HYPE) continue to be favored by institutions, forming a structure of 'the strong remain strong'. It is expected that from September to October 2025, there will be a wave of ETF approvals, and related coins are likely to be speculated in advance.

Dynamic tracking of on-chain tokens (focus on short-term trading reference)

  • $bonkfun: Currently only the leading one is strong, the overall atmosphere is relatively weak;

  • $useless: There are signs of structural rebound;

  • $Gp: The effectiveness of the $3.5 support is worth observing;

  • JUP and pumpfun: The platform may see artificially driven hot coins in the near future, which can be tracked continuously;

  • $gor: Maintains a $2 million range consolidation, if it breaks down, it needs to temporarily avoid sharp movements;

  • $aura: Has reached key support; if it fails, the market will continue to explore the bottom;

  • $uranus: Added to the watchlist, waiting for further signals;

  • $memeroom: Market cap has dropped to $17 million, if support fails, it may lose control;

  • $troll: Has tested the $2 million support multiple times, still has potential upward space;

  • $aol: Currently poor cost-performance ratio, it is recommended to mainly observe and continuously monitor dynamics.

Summary:

Yesterday's market spike exposed the highly tense emotions and extremely fragile liquidity. On one hand, it indicates that the market has not fully played out and there is still room for speculation; on the other hand, it reminds us that good position control and attention to key points are more important than emotional fluctuations.

Currently still recommended:

  • Go long on mainstream, focusing on positional trading;

  • Select projects with strong altcoin concepts and expected support, screening around spot ETFs and platform tokens;

  • Leverage should be used with caution, prioritizing risk control.