Overnight BTC tested the 30-day moving average of 87.1k but failed to hold, closing around 84k. The movement last night was rather normal. As mentioned in yesterday’s article, the market was rebounding, and this false breakout was quite powerful, followed by a continuous decline. Trump’s speech at the Crypto Conference didn’t reveal much; it was more of a grandiose event with him talking for half an hour, but nothing of value to the K-line, just as expected—boasting and leaving.
Recent data over the last two days shows that short-term players remain the dominant force exiting the market. In the last two days, those who bought the dip have also increased their exit efforts, and some high-level losers are also cutting their losses and leaving. It’s clear that the 79,000—83,000 range was a small peak for recent dip buyers, but compared to the dense accumulation area between 93,000—98,000 USD, the capital entering the market recently is still insignificant. If Bitcoin can break through 90k in the short term, I believe more people will enter the market, and the market will break the ice.
The key point for Bitcoin today is 83,100, with support at 82,000. If it falls below this level, the next target is around 79k to capture liquidity, and then we can look forward to the bull market pushing toward 100k.
Is Ethereum really the doomsday vehicle?
OG has shorted a total of 550,000 ETH, worth 10 billion USD. While it sounds frightening, the contracts are leveraged, so the actual capital used to hold these 10 billion USD short positions may only be around 2 billion USD. If Ethereum starts to rebound, these 10 billion USD short positions might be forced to buy back, turning into fuel for the rise, causing a chain reaction of short squeezes that will skyrocket.
Yesterday, something caught my attention: BUBB. Overseas artists, a one-of-a-kind project on the BSC chain. If BSC can produce a leading project and break through the on-chain ceiling, many developers, project teams, and retail investors will be attracted to BSC.
BUBB skyrocketed from a market cap of 1.4 million to 26 million, even reaching 28 million at its peak. It now stands at 16 million. Can you still say it’s small-time? Can you still say it’s a conspiracy? Can you still say the meme cap on BSC is only 5 million? Looks like the art-style meme king on BSC is already locked in.
The current market narrative has already defaulted: BSC needs an art meme benchmark, and $BUBB is filling that gap. Art-style memes on the BSC chain are relatively scarce, and this is expected to form a unique narrative that enjoys the space of a leading project.
Currently, the trend is still on-chain, with the “shitcoin” wave arriving. The playstyle remains the same: the earlier you discover it, the lower the market cap.
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