TON Event Shakes the Market, Bitcoin Consolidates, Outlook for the New WeekYesterday, the biggest event in the crypto world was the arrest of TELEGRAM's founder, causing a significant drop in both the TVL (Total Value Locked) and price of TON-related ecosystems. Until official clarification is provided, this fear sentiment will not dissipate in the short term
TON Event Shakes the Market, Bitcoin Consolidates, Outlook for the New Week
Yesterday, the biggest event in the crypto world was the arrest of TELEGRAM's founder, causing a significant drop in both the TVL (Total Value Locked) and price of TON-related ecosystems. Until official clarification is provided, this fear sentiment will not dissipate in the short term.
Despite the impact of the TON event, Bitcoin stabilized after a brief drop yesterday and remained sideways throughout the day. Overall market sentiment remains positive. Although Bitcoin shows a downward trend on the 4-hour chart, this sideways consolidation instead of a drop often foreshadows a larger breakout.
The new week starts with a bullish outlook! Bitcoin's performance over the weekend was impressive. After Powell's dovish comments, it directly broke through the resistance level of 61,000-62,000, reaching a high of over 65,000, reigniting market confidence. Currently, it remains within a volatile range, with Bitcoin trading around 64,000 and ETH around 2700.
Bitcoin (BTC) resistance levels are 64,800, 65,500, and 66,200, while support levels are 63,500, 63,000, and 62,000. ETH resistance levels are 2800, 2880, and 2950, while support levels are 2700, 2640, and 2580. Unless a black swan event occurs, the market is unlikely to experience a significant drop. After such a long adjustment period, the market should see progress! Maintain a low-buy mindset, and capitalize on any pullbacks. Bitcoin's next key level to watch is 70,000. Once it successfully establishes itself above this level, it will pave the way for a true bull market. In fact, an explosive rally in the fourth quarter is quietly underway.
Regarding altcoins, Bitcoin and ETH are currently in a volatile range, and most altcoins are following the broader market trend. Spot positions can be held. Over the past few days, it's clear that some altcoins are starting to move, with frequent surges of several dozen points, even reaching daily doubles. However, these are mainly low-cap coins. We will be recommending more of these coins in the group chat in the near future.
Over the weekend, altcoins generally saw a minor rebound. Coupled with the continued rise of the broader market, undoubtedly, this will continue to fuel the altcoin market. For altcoin operations, focus on buying coins in quality sectors: Bitcoin ecosystem, quality memes, old DeFi tracks, RWA, etc.
Current holdings: Eth Sol Ordi Sats Op Wif Bome Bonk Stx Wld Api3
In summary, although the TON event brought temporary volatility to the market, Bitcoin's strong performance over the weekend keeps market confidence high. In the short term, Bitcoin is expected to continue its volatile trend, but in the long term, the bull market remains promising. Altcoins will also have new opportunities in the coming period.
Please note that the above is only personal analysis and opinion and does not constitute any investment advice.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
