BTC Breaks Below $60,000, Market Awaits, Altcoin Potential to be ExploredBTC Dips Below $60,000 Overnight, Market Sentiment CautiousEarly this morning, BTC price fell below $60,000, leaving many waking up to find their long positions liquidated. The lower shadow first touched the lower boundary of the box, and we need to observe if the real body rebounds
BTC Breaks Below $60,000, Market Awaits, Altcoin Potential to be Explored
BTC Dips Below $60,000 Overnight, Market Sentiment Cautious
Early this morning, BTC price fell below $60,000, leaving many waking up to find their long positions liquidated. The lower shadow first touched the lower boundary of the box, and we need to observe if the real body rebounds. The rebound target is up to the upper boundary of the box at the $61,600 area. We also need to pay attention to the support of the middle track of the box at the $59,600 area.
On-chain Data: Reduced Inflows, Increased Selling Pressure
On-chain data shows that BTC inflows into exchanges are not significant, and stablecoin reserves remain stable, without large-scale outflows. This decline is mainly due to profit-taking from bottom-buying, coupled with continued selling pressure from Mt. Gox. With reduced inflows, selling pressure is more apparent.
BTC Short-term Support Levels: $58,000-$59,000
Although market sentiment is currently low, BTC is expected to find support at the $58,000-$59,000 level. After all, this level has been consolidating for half a month, forming strong support. Remember, the whales are always here to make money. They will re-deploy in the $50,000-$55,000 range, and there will definitely be a pump-and-dump later. Therefore, it is recommended that investors be patient and hold onto their coins, and do not cut losses at the bottom.
Impact of Mt. Gox Selling Pressure: At Least Half a Month, Possibly Until Mid-September
The selling pressure from Mt. Gox needs time to digest. It is expected to last at least half a month, and may even continue until mid-September. The PCE data released on Friday will have a significant impact on the market. Positive data may lead to a slight rebound, while negative data may further test the $56,000 support level.
Potential Altcoins: FET, ULTI, DOGS, OMNI
FET
FET has experienced a recent surge, with the market filled with bullish sentiment and praise. However, the bullishness and praise after a rise also mean it's time to say goodbye. Looking at the daily chart, 1.47~1.55 is a clear resistance zone. The price reaching this area indicates that the current stage of rebound is nearing its end. Early short-term holders can actively exit. The new upward trend needs to wait for the market to adjust and break through 1.55 with volume before forming. It is recommended to wait for a breakout retracement before entering, and do not rush to trade before the breakout. The second retracement after the breakout is the buying point of the new stage.
ULTI
ULTI is currently in a good position for buying. The 4H chart shows it is near the EMA support zone and the long-term support line. If a stop-loss signal appears at this position, it is likely to continue rebounding. It is recommended to buy around the 0.023 level. Even if the trend line resistance does not break, the current slight pullback provides an opportunity to enter and accumulate. The current price is at 0.020, and the short-term target is around 0.035. The recent decline is mainly driven by TON, but the development direction of ULTI, including its expansion to the Solana chain, will not be affected. At the same time, TON is also gradually recovering.
DOGS
Recently, over 10 million DOGS holders participated in exchanges and on-chain transactions. The surge in activity resulted in TelegramWallet temporarily experiencing service issues due to insufficient storage space, and it is currently being repaired. After the airdrop, DOGS opened at around $0.0012, in line with the pre-listing price. However, it closed down about 32% on the day, to $0.001182. The fully diluted valuation (FDV) reached $707 million, exceeding the initial estimate of $550 million. Considering the intense trading and technical issues, these fluctuations are expected. Although the current trend is bearish and there are technical problems, the market's enthusiasm for the DOGS token remains high. Some analysts expect DOGS to rebound as the market stabilizes.
OMNI
OMNI is currently in a good range for accumulating in batches between 7 and 7.2, and you can also reserve a position to accumulate at 6.9. After a rapid decline, OMNI has consolidated at the bottom for almost a month, basically completing the bottom-building process. Although there was an attempt to break through on the 4H chart, it pulled back again due to the broader market impact. The current position has presented a buying point, and you can enter in batches. OMNI's current circulating market cap is $72 million, and it has the potential to double in the medium to long term. In the short term, an increase of over 30% is expected.
Conclusion
We are currently in a bull market, where the market changes rapidly, and we have new insights to share every day. We hope the above information is helpful to you.
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])
