It fell so fast! After rebounding from around 80,000 to 93,000, it faced pressure and fell back again, now already down to around 87,000. After rising 15% and then dropping 7%, the morning's waterfall market really wakes people up instantly. This aligns with the current judgment of a fluctuating bottoming process; the market will fluctuate repeatedly, and operations can only focus on short-term strategies, buying low and laying in wait, never chasing highs. If there is profit, one must exit in a timely manner; greed will definitely lead to losses!
In the past 24 hours, a total of 218,678 people across the network have been liquidated, with a total liquidation amount of $640 million, including $565 million in long positions and $74.9372 million in short positions.
BTC
Pay close attention to the support level of 88,000 for Bitcoin intraday. If the four-hour candlestick can consistently hold above this support, the current rebound structure is likely to continue; the key resistance level above is at 93,000. Only by effectively breaking through this resistance can we confirm a strengthening trend and open up further upward space; otherwise, the market is likely to continue maintaining a fluctuating pattern.
If the intraday price breaks below 88000 and the rebound strength is insufficient, then at the beginning of this week it may further test the core bullish defense area around 84500-85000.
ETH
Ethereum's intraday focus should be on the support level near 2920. If the four-hour level can hold above this support on a pullback, the short-term rebound structure is expected to be maintained; the key to upward movement is effectively breaking through the 3080-3100 resistance zone. Only by firmly establishing in this area can we confirm the continuity of the rebound and open up further upward space; otherwise, the market will continue its oscillating pattern.
If the price breaks below the 2920 support and the rebound is weak, then at the beginning of this week it may further test the core bullish defense area around 2800-2750.
Altcoin
As an old hand, this market cycle is completely different from the past: in the past, altcoins were essential items that everyone scrambled to buy at the bottom, but now they are ignored; projects that were once in the top 100 by market cap had people willing to invest, but now no one dares to act lightly. The more critical change is in market confidence; in the previous cycle, no matter how badly BTC fell, bottom buyers were optimistic, but in this cycle, many old OGs have even emptied their long-held BTC and ETH.
The deeper reason behind it may be the decline in the appeal of the crypto circle itself; in the past, it represented tremendous innovation, but now, AI seems to be the track that can define the next civilization.
Preview of major events in the altcoin market this week
This week's information:
12.1 (Monday): US October PPI, Q3 PCE
12.3 (Wednesday): US November ADP Employment Change
12.4 (Thursday): US Weekly Jobless Claims
12.5 (Friday): US September PCE Data
Note: The first week of each month generally has larger fluctuations, be conservative and cautious, pay attention to risk control. In the year, between the 1st-5th of each month (at the latest by the 7th) there is basically a major drop, and a significant drop is expected around 12.4. This morning's drop is not included. Therefore, today's strategy is to first bet on a rebound and then short.
$TAO
In the past two months, the TAO project team has been quietly working behind the scenes, with fundamentals continuously strengthening and mechanisms subtly optimizing. Most people only take a glance during big surges or drops. As long as BTC stabilizes, with the halving cycle in December, the price of TAO is expected to rebound to around 400.
$Binance Life
Binance Life's biggest feature in this rebound is 'stability'! The first three times were rapid rebounds after severe drops followed by continued declines, this time it takes two steps forward and one step back, slowly climbing; it started with a lower market cap, already above 100 million. The main target is clear: first raise the market cap, only after listing on Binance spot can there be more room for a larger rally.
