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Market Overview: U.S. Stocks Decline Drag Down Crypto Market to New Lows
All three major U.S. stock indices closed lower, with the Dow Jones down 1.18%, the S&P 500 down 0.92% breaking below 6700 points, ending a streak of 10 consecutive weeks of gains, and the Nasdaq Composite down 0.84%. Most large tech stocks fell, and crypto-related stocks weakened in tandem. The short-sellers continued to hammer the market in the early hours, leading the crypto market to set new phase lows.
Bitcoin dipped to a low of 91250, while Ethereum officially broke the 3000 mark, dropping to 2958. Coinglass data shows that over 160,000 people were liquidated in the past 24 hours, with a liquidation amount reaching 851 million USD, deepening the market's turbulent sentiment. Follow Yibo for real-time updates on the crypto market dynamics and key level changes!
Bitcoin Market: Highs Followed by Declines, 90,000 Mark in Jeopardy
Bitcoin exhibited a typical weak characteristic of "rising and then falling to new lows" yesterday. After testing a low of 92900 USD in the morning, it slowly recovered within a fluctuating structure during the day, reaching a high of 95900 USD in the afternoon, but faced strong resistance in that area, leading to a subsequent decline.
In the evening, a brief rebound attempted to test the key resistance level of 96000 USD, but the bulls lacked momentum, and the rebound was quickly suppressed by the bears. The bearish forces continued to release in the early hours, creating a new intraday low of 91250 USD. Although there is a slight weak rebound currently, there has been no significant increase in volume, and the bulls have failed to establish an effective rebound space. The support at the 90,000 USD mark is precarious, and the overall trend remains dominated by bears.
Ethereum Market: Downward Movement Intensifies, 3000 Mark Fails to Hold
Ethereum's performance yesterday was highly correlated with Bitcoin, with a more pronounced decline. After probing a low of 3001 USD in the morning, it entered a fluctuating upward channel during the day, peaking at around 3221 USD, but the upward momentum abruptly halted, initiating a continuous decline.
In the evening, the rebound attempt at around 3200 USD faced resistance, falling back into a downward trend. In the early hours, it successfully broke below the key support level of 3000 USD, hitting a low of 2958 USD, signaling a failure to defend the 3000 mark. Currently, there is a slight rebound alongside Bitcoin, but the strength is weak, and the upper side is constrained by the pressure from previous high points, operating within a downward channel with declining highs, and the weak pattern has not changed substantially.
Core Reasons for the Decline: Three Factors Resonating to Suppress the Market
Market Sentiment Dominates Trends: The crypto market lacks clear positive catalysts, with fluctuating expectations of Fed interest rate hikes, compounded by the fermentation of negative industry news, leading to a decline in investor risk appetite and insufficient willingness to participate from bulls, making it easy for the market to fall and difficult to rise.
Insufficient Liquidity Amplifies Volatility: During the upward process, trading volume continuously shrank, with weak support; during the downward movement, trading volume slightly increased, leading to panic selling, highlighting the phenomenon of "small funds causing large fluctuations," resulting in rapid failures of rebounds.
Technical Suppression Forms Resonance: The 96000 USD level for Bitcoin and the 3200 USD level for Ethereum are both key resistance levels tested multiple times previously, and a short-term downward trend line has formed on the daily chart, lacking incremental funds to break the balance, causing the market to move in the direction of least resistance downward.
It is worth noting that 10X Research has clearly pointed out that the crypto market has entered a "confirmed bear market phase," with weakened ETF inflows, continuous selling by long-term holders, and low willingness for retail investors to enter, all indicating a deterioration in market sentiment. Wang Peng, a deputy researcher at the Beijing Academy of Social Sciences, stated that the marginal tightening of dollar liquidity and the shift in Fed policy expectations are the core drivers of this round of significant price corrections.
Future Outlook: Focus on Key Support, Await Trend Reversal Signals
The current bear market pattern has gradually become clear, and two core areas need to be closely monitored: first, the defense of the core support levels around 90,000 USD for Bitcoin and 2900 USD for Ethereum; if these levels are effectively broken, it may trigger a new round of panic selling; second, changes in trading volume, as only a sustained increase in volume during a rebound could potentially break the current weak cycle.
In the short term, the market will still be influenced by U.S. stock risk appetite, Fed policy expectations, and capital flows, making it easy for the market to fall and difficult to rise. It is recommended that crypto friends control their positions and operate cautiously to avoid blindly bottom-fishing. Keep a close eye on Yibo's real-time analysis, and once the market provides clear trend reversal signals, we will interpret them for everyone immediately!
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