Although Bitcoin did not reach the expected new high after the halving, there is still some bullish sentiment in the cryptocurrency market.

By Mary Liu, BitpushNews

On Wednesday, the cryptocurrency market experienced a day of volatile consolidation. Bitcoin was under pressure and fell earlier in the trading session, with intense competition between bulls and bears near the support level of $62,000 in the afternoon. Data from Bitpush shows that Bitcoin fluctuated between $61,430 and $63,020 for most of the day, struggling near $62,000. At the time of writing, the trading price of Bitcoin was $61,512, a 2.36% decrease in 24 hours.

The U.S. stock market opened lower, rebounded during the session, and major stock indices closed mixed. At the close, the Dow rose 0.44%, the S&P 500 remained flat, and the Nasdaq fell 0.18%. The U.S. dollar index remained flat, and the yield on the 10-year U.S. Treasury bond rose by 81 basis points to 4.494%.

Most altcoin trades resulted in losses, with only 20 of the top 200 tokens seeing gains on Wednesday. UMA (UMA) surged by 50.9% to $4.03, FTX Token (FTT) rose by 18.3%, and Tellor (TRB) increased by 17.6%. The meme token Dogwifhat (WIF) suffered the largest decline, falling by 13.8%, followed by Worldcoin (WLD) with a 13% decrease, and Livepeer (LPT) with a 12% decline.

The current total market capitalization of cryptocurrencies is $2.28 trillion, with Bitcoin's dominance at 53.5%.

Possible Drop to $60,000

CryptoQuant analyst JA Maartunn warned in the daily market report that "any daily closing price below $62,100 or long-term inactivity is considered a stop-loss."

An analyst from Secure Digital Markets stated, "Since the beginning of this week, Bitcoin has been falling back from the 50-day moving average. The price may drop to the $60,000 level, especially if there continues to be significant outflows from Bitcoin ETFs. If this outflow continues, it could lead to BTC falling below $60,000 and possibly retesting the recent low of $56,500."

Data from Farside showed that the spot Bitcoin ETF saw a net outflow of $15.7 million on Tuesday, mainly attributed to Grayscale's GBTC, which recorded an outflow of $28.6 million after two consecutive days of inflows, and BlackRock recorded zero inflows.

Analysts pointed out, "However, the current market sentiment is cautiously optimistic about maintaining above the $60,000 level and is committed to recovery. Observers are closely watching the broader stock market performance during this earnings season, which can provide insights into liquidity conditions."

Aaron Evans, Chief Operating Officer of the Moonbeam Foundation, also believes that with more institutions adopting Bitcoin and Fidelity reporting that pension funds are exploring the allocation of Bitcoin ETFs, market sentiment is on the rise.

Evans stated in a report, "Although Bitcoin did not reach the expected new high after the halving, there is still some bullish sentiment in the cryptocurrency market. AI tokens continue to perform well, especially in the exciting context of NVIDIA's earnings report. This indicates that investors are once again trusting cryptocurrencies when looking for other tokens to invest in. Traders are always looking for new ways to make money, and when they see increased institutional interest and good performance in other assets, they may diversify their investment portfolios. This is similar to how meme coins operate in the market."

He concluded, "As Bitcoin continues to perform well or recover, traders will focus on similar assets that can bring them more profits." "As investors rebuild trust in the industry, we should expect more diversification of digital assets."

However, market analyst Orson Fawley stated that Bitcoin "continues to fluctuate within a long-term declining price channel" and that "if the bullish side does not break through the price channel, further declines and adjustments are expected."

He pointed out, "BTCUSD recently broke through the strong support area of $63,000. In the short term, this continues to favor sellers, as signals from EMA and resistance levels support new selling waves, with profit-taking near the $61,000 area as the bearish trend begins to take control."

Market analyst Maximillian FX on X platform stated that the formation of a "triple top pattern" indicates that further downward movement is imminent, signaling a good opportunity for short selling.

Maximillian explained that BTCUSD is currently undergoing corrective recovery, finding support at $62,180, but overcoming the resistance level of $63,000 remains a challenge and target. According to statistics, the strongest volatility occurs after a breakthrough. Breaking through and consolidating below $63,000 may trigger a significant decline in the strong liquidity area on the chart. There is further evidence that once the resistance level is reached, BTCUSD will reverse, as indicated by the 34.89 EMA, showing signs favorable to maintaining a bearish position.

Maximillian warned that technically, starting from the Fibonacci 0.618, a correction may occur, and breaking below $62,180 will lead to further short selling targets, possibly reaching the key level of $60,856 (consistent with testing the 1.618 Fibonacci number).

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。