The crypto market turned red again today.
BTC briefly fell below $84,000, while ETH was down more than 3% at one point. Around $556 million was liquidated across the market over the past 24 hours, including about $487 million in long positions. (The Block)
What many people are most concerned about right now is:
Is the rally over?
But I’m more interested in another question:
After this pullback, which coins will be the first to stabilize?
Because the truly strong coins are often not the ones that rise the most during a rally, but the ones that, when the market pulls back—
fall less, show stronger buying support, and see no significant outflow of funds. This pullback was first and foremost a fairly significant leverage flush-out.
BTC had repeatedly failed to hold above around $87,000, leaving the market with a build-up of short-term long positions.
Then prices quickly retreated, and a large number of long positions were liquidated.
This kind of move:
Prices fall + long liquidations
is not the same as a genuine trend reversal.
It looks more like the market is clearing out excessive leverage.
But there’s a second layer of pressure today.
The U.S. dollar has strengthened again, the 10-year U.S. Treasury yield remains elevated at around 5.3%, and the market is also awaiting the Fed meeting minutes; Brent crude has climbed back to around $100.
High oil prices mean inflationary pressure remains, while elevated Treasury yields continue to weigh on risk-asset valuations. (Reuters)
So the market is now facing crypto deleveraging + macro risk-off.
Naturally, altcoins will have a harder time than BTC.
But for now, I won’t conclude based on today’s bearish candle alone that:
The rally is over.
The signals over the next few days will determine what this really means.
If, after BTC falls:
OI falls, Funding cools, and prices gradually move sideways
Then it means the market is mainly clearing out long positions.
This kind of pullback can actually help the market rebuild healthier positions for the next move.
But if it turns into: prices keep falling + OI starts rising rapidly again
Then we need to be cautious.
because that means the market is no longer simply closing long positions—it may be starting to build new directional short positions.
That would change the picture completely.
So today, the “next pick” won’t try to guess the bottom.
What we need to do is:
Watch for which ones stop falling first.
Pay particular attention to three types of coins:
The first type:
BTC remains weak, but it’s no longer falling much.
The second type:
Prices move sideways, but trading volume starts to rise.
The third type:
After prices stabilize, OI starts to rise moderately again while Funding remains at a reasonable level.
These coins are often the first to show signs of it:
Capital is stepping in to provide support.
That’s also why a market pullback makes today a particularly important day for finding the “next pick.”
When prices were rising, most coins were going up.
It’s hard to tell which ones are genuinely strong.
But when the market drops,
Coins with real capital, a compelling narrative, and solid support will start to stand apart.
The weak ones keep falling.
The strong ones start moving sideways.
The truly strong ones may even turn positive ahead of the others.
So today, I’m in no hurry to chase any coin.
I’m waiting for the market to reveal the answer on its own.
Next, TOKEN RADAR will focus on watching:
*Relative strength
Trading volume
OI
Funding
On-chain support*
Once BTC stabilizes, the first coin to break out will be the one that truly deserves a place among the “next pick” candidates.
A market pullback is nothing to fear.
What really matters is—
After the tide goes out, where does the capital remain?
Don’t chase the last runner. Look for the next one.
#BTC #Crypto #Binance #Altcoins #NextPick #NextPick