Bitcoin suddenly dropped to 89,000 USD. The market is always unexpected; the volatility of the trading market is the norm, otherwise, so many people wouldn't be losing money. Such volatile conditions are a paradise for short-term traders, but one shouldn't be greedy; it's best to take profits when available. Often, those who aim for long-term gains in short-term trades end up with nothing.
BTC
Yesterday, Bitcoin experienced a significant pullback, falling below the key position of 90,000. This pullback is quite strong, and it is currently near a minor support level. However, the trading volume during the past two days of Bitcoin's decline has been relatively low, indicating that there is not much selling pressure at the moment.
The rebound strength at the small level is weak, which means there is a high probability of continuing to move downward in the short term. Considering that the Federal Reserve's interest rate meeting is in 4 days and there is a high probability of a rate cut, the likelihood of continuing to decline in the short term is relatively small. Next, pay attention to the support range of 8.5-8.6w below. If there is a spike here, I will enter a long position.
ETH
ETH has dropped about two hundred points in the short term, with the lowest falling below 3k, which is also a short-term support level. Currently, the rebound still appears weak, and it may accelerate downward again. If it falls below 3k again, it may go to the support range of 2880-2850, so let's temporarily pay attention to whether the small support around 3k can hold.
SOL
SOL is currently upgrading to the 10-15 day line level adjustment. The 10-day MACD fast line has fallen below the zero axis, and the 15-day MACD fast line is about to return to zero. There is also an accelerated downward movement here. From the trend of the 10-day line level correction, the recent trend shows that the three major downward segments are basically two bearish engulfing candles followed by one bullish candle. These three small bullish candles can basically be seen as 'baiting' in the downward trend, also known as 'ineffective rebounds.'
The support level at the 10-day line is 114.85, and the support at the 15-day line is near 104.85. These two points are support points above the 100 mark. In past major correction trends, they usually reach these levels in a spike form, so the bulls' defense should at least be placed at 100-96 and below 96 for safety.
A summary of secondary market catalysts, which may not necessarily drive tokens upward but align with the current market situation.
$AAVE: Aave is discussing/advancing the reduction or even removal of Sky's USDS (and related stablecoin exposure) from the collateral system. Additionally, Aave is discussing shrinkage and optimization of multi-chain expansion, considering gradually shutting down some on-chain deployments and setting clearer income thresholds.
$JUP: Kamino has blocked the refinancing migration path of Jupiter Lend at the protocol level, raising controversies about whether it violates the spirit of open finance.
$YB: YieldBasis has announced and implemented Fee Switch, where the protocol fees captured by DAO will be distributed to veYB holders, with the first batch of fees to be distributed calculated in BTC.
$SOL / $AERO (Base) / $LINK: Base has launched the Base-Solana Bridge on the mainnet, secured by Chainlink CCIP and Coinbase, allowing Base applications to natively support Solana assets and liquidity. Additionally, Grayscale Chainlink Trust ETF (GLNK) has started trading on NYSE Arca, which is also positive for LINK.
$UNI: Uniswap has integrated a fiat deposit channel with Revolut, converting users of this large European financial app into one of the on-chain incremental entry points, reducing friction for new users.
$ENA: USDe has now become one of the quoted assets for Hyperliquid spot and HIP-3 perpetual.
$ENA / $MORPHO: 21Shares has launched Ethena (EENA) and Morpho (MORPH) spot ETPs in Europe.
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