Crypto analyst Miles Deutscher stated in a post that overall market sentiment has returned to its lowest point in 2024, despite trading prices being much higher than before. The correlation between cryptocurrency market sentiment and the performance of altcoins is higher than that of Bitcoin, and the recent performance of altcoins has been weak. Does this mean that we are about to experience a phase of selling off altcoins?
BTC has accelerated its decline after falling below the key chip peak of $96469.26, and is currently entering the lower edge of the chip intensive zone, with weak support in the chip vacuum zone below. And if Binance's major players continue to ship, and the price cannot quickly recover, it is likely to further exacerbate the downward trend. Please note that the BTC daily level has fallen below the MA120 moving average and formed a black three soldier pattern, with bearish sentiment dominating. The 38.2% Fibonacci retracement level will become the key support, with the main range being $88000~$87800. Interpretation of Chip Peak: Chip peak represents a densely traded area. When the chip peak is below the price, it can be considered as support. If the support level does not break, the price will rebound; If it falls below the support level, the market will accelerate its decline. The data is sourced from PRO members, for reference only, and does not constitute any investment advice!
Crypto traders are feeling the jitters today.The widely-watched Crypto Fear and Greed Index, a market indicator that uses social media posts, volatility, trends and prices to gauge trader sentiment, dropped to a five-month low of 25 in its latest update.See all newslettersThat’s a big fall from yesterday’s figure of 49, landing it in the “extreme fear” zone, coming as overall market capitalization fell 10% in the past 24 hours as bitcoin and major tokens such as Solana (SOL) and xrp (XRP) fell more than 14%.The Fear and Greed Index measures how people feel about crypto on a scale from 0 to 100. A low number, like 25, means fear is taking over, while a high number shows excitement or greed. Tuesday’s drop from 49 to 25 is one of the sharpest since September and indicative of a quick shift toward overly bearish sentiment.Reasons for the panic range from money flowing out of bitcoin ETFs, with over $1 billion pulled out in the last two weeks, to the general lack of catalysts to sustain a run that started with crypto-friendly Republican Donald Trump’s win in the November elections.Elsewhere, Nasdaq futures pointed to continued losses in technology stocks ahead on Tuesday, and strength in the Japanese yen is sparking fears of an August-like risk aversion.There’s hope for bulls, however. Extreme fear can be a sign that investors are too worried, turning into a buying opportunity in the short term as assets are considered oversold. Some traders also say poor U.S. economic data could mean central banks are forced to take steps to recharge the economy — a move that may eventually fuel a rally.
Foresight News reported that Hamster Kombat announced the launch of Hamster Network, a game specific Layer2 blockchain built on TON. This network, launched in collaboration with TON, will provide fast and scalable infrastructure for highly demanded decentralized applications and games.
Foresight News reported that Ari Paul, founder of BlockTower, posted on social media that cryptocurrency will lead the overall macro inflation shift and may restore the bull market within 6 months, while stocks will begin to rebound after 9 months. It expects the pullback range of Bitcoin to be between $73000 and $77000, and suggests that it may increase its position in this price range. He maintains confidence that the cryptocurrency bull market is not over yet, but believes that this bull market is significantly different from previous cycles and may be slower and more sustained. It pointed out that the stock market will experience a painful phase in the next 4 to 15 months, expected to last about 9 months, mainly related to the government's deflationary policies such as tariffs and large-scale layoffs. Cryptocurrencies and stocks are in different cyclical rhythms, but the short-term correlation still exists. Shanzhai coins may initially follow the stock's decline, but due to a significant drop in price compared to 2021, they may hit bottom before the stock.
