My read on the market right now — for what it's worth.
Everyone's talking about the downturn in crypto due to geopolitical risks and regulatory setbacks, with BTC down to $65640.56 and ETH at $1919.97.
Most are expecting further decline, pointing to the mixed earnings of the electric vehicle maker that maintained its 11,509 BTC treasury through the second quarter as bitcoin declined 14%.
The fact that BTC only dropped to $65553.67 and ETH to $1910.68 in the last 24 hours suggests there's still some support.
However, I think the market is ignoring the strong performance of companies like BNB, which is only down 0.10% to $570.34, and SOL, which has held relatively steady at $77.58.
The commissioner's comments on onchain vaults and lending strategies could also be a positive sign for the market, depending on how they are structured.
I'm taking a contrarian view here, I think we might see a bounce back, especially if BTC can break above $66424.00 and ETH above $1956.45.
My entry zone would be around $65000 for BTC and $1900 for ETH, with a stop-loss at $64000 for BTC and $1850 for ETH, and a take-profit at $68000 for BTC and $2000 for ETH.
I'm cautiously bullish, and I think we could see some upside in the next few days, especially if the regulatory environment becomes more favorable.
#cryptomarket #bitcoin #ethereum #contrarianview 🚀💰