The weekly chart is unbearable to look at, is BTC heading straight for 74000? Oh my, BTC's weekly drop is like that of a diving champion, sliding towards 74000 without a doubt! The market sentiment is filled with wails, the bears are probably sneering, while the bulls can only hold their heads in despair. Technically speaking, the decline is fierce, 74000 may be the next testing point - can it hold steady there? It's necessary to be mentally prepared, don't let fear make your hands shake. The bear market is ruthless, but opportunities are also hidden in the valleys. What do you think of this market trend? Let's discuss your thoughts in the comments.
PANews March 10 news, according to SoSoValue data, the overall cryptocurrency market has significantly corrected, with a 24-hour drop generally between 4% and 10%. Bitcoin (BTC) fell by 4.73%, reaching a low of $80,000, Ethereum (ETH) dropped by 6.35%, briefly falling below $2,000. In the Trump Crypto Strategic Reserve sector, XRP, Solana (SOL), and Cardano (ADA) fell by 6.41%, 7.10%, and 7.53%, respectively; the CeFi sector dropped 4.98% in 24 hours, with Binance Coin (BNB) down by 5.12% and Bitget Token (BGB) down by 5.95%; the PayFi sector fell by 6.22%, the Layer1 sector fell by 6.36%, the Layer2 sector fell by 7.06%, the DeFi sector fell by 7.66%, but Ethena (ENA) rose against the trend by 0.34%; the Meme sector had the largest drop, reaching 9.12%, with most tokens' market values retreating to November 2024 levels. #加密市场回调
After the price of BTC fell below 90,000 last week, historical volatility and implied volatility have finally started to rise. As mentioned in the analysis over the past few weeks: implied volatility has gradually decreased, and large fluctuations are about to arrive. It is believed that a significant fluctuation in BTC within the next month is a high-probability event. As a result, last week, the price of BTC fell a certain distance following the decline of the US stock market, directly filling the CME futures gap from the previous rise.
The position I have been mentioning in my previous analysis is the "vacuum zone," which is the strongest support level, specifically in the price range of 79,000 to 85,000, with 79,000 being the bottom line. After the price of BTC touched around 79,000 last Friday, it began to rise rapidly, bringing the price back above 85,000.
Now, the 79,000 level is the turning point of the entire bullish background. If it effectively breaks down, the bullish background that started from 25,000 will be terminated.
I believe there are two types of trends for the future market:
1. A large fluctuation range with 79,000 as the bottom and 110,000 as the top, creating horizontal oscillation (the price has now returned above 90,000).
2. A downward channel style of oscillation with a bearish bias (which will lead to breaking below 79,000).
Currently, the upward momentum of the bullish trend has been disrupted, and there is supply in the market, with BTC ETFs being continually redeemed every week. Even if new demand enters, it will first need to consume the existing supply. It is difficult to open trend-type bullish positions in trading; the overall strategy in March is to trade based on oscillation ideas.
BTC volatility has increased, two expectations for the future market
After BTC's price fell below 90000 last week, the historical volatility and implied volatility finally began to rise. In the analysis from a few weeks ago, it was mentioned that implied volatility was gradually decreasing and that significant volatility was on the way. It is deemed highly probable that BTC will experience a notable fluctuation within the next month. As a result, last week BTC's price dropped in line with the decline in US stocks, directly filling the left-side upward CME futures gap. The position I have been mentioning in my previous analysis is the 'vacuum position', which is the strongest support level, specifically in the price range of 79000-85000. 79000 is the bottom line, and after BTC's price touched around 79000 last Friday, it began to rise rapidly, returning above 85000.
Qualitative Meme Coins: Here's How the U.S. SEC Views Meme Coins
Source: U.S. SEC; Translated by Jinse Finance
To clarify the application of federal securities laws to crypto assets, the U.S. SEC's Division of Corporation Finance is issuing a statement regarding "Meme Coins."
A "Meme Coin" is a type of crypto asset inspired by internet memes, characters, current events, or trends, where the initiators attempt to attract enthusiastic online communities to purchase the meme coin and participate in its trading. Although individual Meme Coins may have unique features, they generally share certain common characteristics. Meme Coins are often used for entertainment, social interaction, and cultural purposes, with their value primarily driven by market demand and speculation. In this regard, Meme Coins are similar to collectibles. Meme Coins typically also have limited utility or functionality or may have no utility at all.
Given the speculative nature of Meme Coins, they often experience significant market price volatility and are frequently accompanied by statements regarding their risks and lack of utility, aside from entertainment or other non-functional purposes.
The U.S. SEC's Division of Corporation Finance believes that the types of transactions involving Meme Coins described in this statement do not involve the issuance and sale of securities as defined under federal securities laws. Therefore, individuals participating in the issuance and sale of Meme Coins are not required to register their transactions with the U.S. Securities and Exchange Commission under the Securities Act of 1933 (the "Securities Act"), nor do they need to comply with the Securities Act's registration exemption provisions. Consequently, both buyers and holders of Meme Coins are not protected under federal securities laws. #Meme $MEME
🚀【Quickly Earn Coins】Binance Transfer Event, easily win high airdrops! 🚀#OfficialEvent#EarnCoins# Want to quickly increase your digital assets? Join Binance's transfer event, and you can get super high returns on airdrop funds in just a few simple steps!