BTC continued to be under pressure, and it dropped madly to the 63k mark. This is most likely due to the chilling expectation of the selling pressure of Mt.Gox's compensation, and it was ruthlessly driven down by the abyss-like decline of the US stock market! Driven by Trump's narrative, BTC's momentum is obviously trapped in the MA120 and weekly pressure levels. So far, it has launched two breakthroughs, but both ended in failure. As the weekend approaches, BTC has been temporarily abandoned by the market hotspots! Therefore, the only goal that the crypto market must achieve this week is to stand firm and defend tenaciously! Bold assumptions, cautious analysis, welcome to my crypto "magic channel"! Of course, this is just the technical trend. If the price can stay steadily above 63,000 and continue to change hands, it would be a great thing. What is particularly critical is that Biden is about to announce his withdrawal from the nomination this weekend, which is likely to push the market's Trump narrative to the peak of hype again!
BTC is facing huge resistance: MA120 is as high as 65,000, and the weekly line is even more terrifying at 65,500! As for support, the 1-hour line is struggling to hold at 63,400, the 4-hour line is struggling to hold at 63,000, and the daily line is 60,200 (unless there is a shocking negative news, it is impossible to fall to this position quickly at present)! The RSI index is 58.87, and it is still falling slightly. The market heat seems to have encountered an ice cave and has dropped sharply, but at least it remains within a relatively normal range.
The resistance faced by ETH is like a solid wall of steel: 3500 in 4 hours is like an indestructible fortress, and 3600 in the daily line is an unshakable peak! As for support, 3360 of MA120 is like a solid backing, and 3290 in the daily line is like a solid line of defense as a buffer support! The RSI index is 55, which remains as stable as Mount Tai, with almost no change. Ethereum's sentiment this week has been as stable as a sleeping lion, quietly waiting for the arrival of ETF! Summary: From a technical theoretical perspective, if we completely ignore the external narrative and focus solely on the current trend, we must think that if we cannot break through the weekly resistance, we will definitely go the way of the creepy callback amplitude of the upper track of the daily Bollinger band! Fortunately, this weekend and next week, the crypto market and macro narratives will come like a storm, which is a godsend for the market outlook! In the best case scenario, tonight, the US stock market reverses dramatically, pushing the crypto market to break through and firmly root above 65,000, and altcoins will usher in a carnival over the weekend! In the worst case scenario, as long as it does not fall to the abyss below 63,000 for the time being, altcoins will still be very lively over the weekend, and there are countless stories to look forward to next week!
The market will never fall to the bottom at once. Once the decline begins, what follows will inevitably be a devastating waterfall! Tonight’s arduous mission is to break through! The key task of this weekend is to defend and stand firm! The market cooled down significantly on Friday, risk sentiment deteriorated, and the market is waiting for a new narrative to ignite! The total market value of stablecoins suddenly decreased by 100 million, which is jaw-dropping! But USDT is unique, with a market value of 79 million soaring to 113.696 billion, an astonishing increase of 64 million from yesterday. Although funds are still flowing in, the momentum has weakened significantly like a candle in the wind! As for USDC, the market value plummeted by 106 million, but fortunately the transaction remained relatively stable. Judging from the current market situation, funds may have already been thrown into the vortex of trading. Tomorrow, Saturday, we can look forward to valid USDC official website data, which is undoubtedly a thrilling expectation!
How will the capital inflow of ETH ETF drive the rise of altcoins, and the price performance of coins after the ETF is approved.
Before the ETF was approved, most of the holders of Bitcoin were large investors, institutions, and retail investors who entered the market early and continued to hoard Bitcoin. These people have one thing in common: they have a rock-solid belief in Bitcoin, but only a passing interest in altcoins.
After the BTC ETF was approved, the rise of BTC was due to two factors: the crazy pull of the market makers and the surging net inflow of funds into the ETF. However, due to the profile of the holders, this part of the funds rarely flows to the copycat, making it difficult to form a linkage effect.
In the early days of the ETH ETF approval, the price of the coin will most likely underperform Bitcoin. Ethereum’s market makers have long disappeared, and the Ethereum Foundation has been selling coins. From the Cancun upgrade to the eve of the ETF approval today, ETH’s market makers have shown no signs of pulling the price.
Therefore, after the ETF is approved, don’t expect the Ethereum Foundation to do anything amazing. They are simply the biggest crypto “cancer”! We can only hope for net inflows of funds from the ETF.
Retail investors make up a large part of the ETH holders. As ETF funds gradually push up the price of the coin, the purchasing power of retail investors gradually rises, which is crucial and the biggest difference between it and the Bitcoin ETF.
This is just like the relationship between M1 and M2 in the macro economy. As the purchasing power of retail investors increases, they will use this purchasing power to frantically pursue copycat products and MEMEs. One dollar can produce an amazing effect of five or even eight dollars!
At this moment, we just need to wait quietly for the approval of the ETF, wait for the slow inflow of funds, and wait for various legendary narratives to unfold one by one in the second half of the year. The copycat season will surely come in full force!
High-quality track: Meme track/Ethereum
Hot topic! Ethereum spot ETF is about to be approved, with unstoppable momentum! The market generally believes that the ETH spot ETF is very likely to be approved by the SEC on July 23. If you ambush in the Ethereum ecosystem in advance at this moment, you may have a great harvest!
Specific currency list:
Etherfi: Etherfi Season 2 airdrop has been launched, check the website! Season 3 will last from July 1 to September 14, and 25 million ETHFI will be generously distributed!
PEPE: Currently, it is the most popular Meme coin in the ETH ecosystem. It has an extremely powerful community and can be regarded as the super BETA of ETH and should be closely watched!
Twitter's popular tokens: FIGHT: Four years ago, Biden fired a shot into the air, and the wheel of history began to turn. At this moment, the bullet grazed Trump's ear. With the shouting of "FIGHT, FIGHT, FIGHT", spiritual power instantly became a super catalyst for the market. Although the representative of FIGHT is Trump, FIGHT originated from Trump and is better than Trump.
More importantly, people will firmly believe in the spiritual will reflected in these decisive historical moments - fight! Fight! Fight! This is a vivid display of America's pursuit of freedom and tenacious struggle. If doge is a symbol of crypto's pursuit of fairness, freedom, and joy, then fight is undoubtedly an excellent representative of the unyielding will of the American people. FIGHT's valuation must be extraordinary. However, how high it can reach in the end depends on the choice of people!
Be careful! Don't fall for scams!
Scams have become more rampant recently. Please remember not to trust those who actively add you and various links! Are you wondering what a phishing link looks like? Today, it came...
Today, many friends in the group received phishing text messages!
Question 1: Why can fraudulent text messages be delivered accurately? Answer 1: Unfortunately, your mobile phone number has been leaked!
Question 2: Where did the leak come from? And when did it happen? Answer 2: It could be from various phishing websites, third-party apps, and even exchanges!
Question 3: Oh my god, will the exchange also leak? Answer 3: My computer teacher once said that as long as there are people involved, many things can be manipulated. Do you understand?
Question 4: How can we avoid being cheated?
Answer 4: (1) Don’t trust anyone easily! (2) Don’t register for any third-party apps! (3) Don’t tell anyone that you are trading cryptocurrencies, or they will treat you like a pig! (4) Be sure to protect your privacy, and don’t disclose important information such as bank card numbers and mobile phone numbers to anyone! (5) Remember the information I sent in the group!
The scammers have reappeared. What does this mean? The market is really too bearish! Ancient people said that when the market is bearish, evil thoughts will emerge one after another, and rabbits will bite when they are cornered. You can't be sure what bad situation will happen.
So, put on your bulletproof vest quickly and don’t feel hot!
