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The overall cryptocurrency market is showing a downward trend, with the price of Bitcoin (BTC) falling below $88000 and the total market value dropping by 2.4% to approximately $3.06 trillion, mainly due to tax losses from selling and liquidity tightening before the holiday. Most large cryptocurrency assets have declined, with Bitcoin dropping by about 2.4% and Ethereum (ETH) and others following suit.
1: The closure of the US stock market will lead to a sharp decline in trading volume in traditional markets, while the cryptocurrency market, although open 24/7, will have a significant impact on liquidity. During the holiday period, traders take a break and institutional activities decrease, often leading to a tightening of cryptocurrency liquidity and a decrease in market depth, which can easily trigger severe price fluctuations;
2: Announcement of unemployment benefits; The current market forecast is at least 225000. The impact of this data on the cryptocurrency market is mainly transmitted through macro transmission: if the number of initial applicants is higher than expected, it indicates economic weakness and may boost the demand for cryptocurrency as a safe haven asset, driving up prices; On the contrary, if it falls short of expectations, a strong economy may strengthen the US dollar, push the Federal Reserve to maintain high interest rates, reduce the attractiveness of cryptocurrency as an alternative investment, and put pressure on the market.
3: Enter when BTC price tests resistance of 89000-90000 and is rejected (bearish candle or MACD dead cross). The overall bear market trend, shallow retracement to weaken resistance, and institutional selling dynamics. Set the stop loss at 5% above the resistance and aim to lower the support at 85000.
4: Enter when ETH price approaches resistance of 2980-3050 and is rejected. Based on bear market channels, ETF outflows, and accumulation of selling pressure. Stop loss set at 3% above resistance, with a target of 2800 support.
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Disclaimer: The above content only represents the author's personal opinion and is intended to assist investors in understanding information related to the capital market. It does not constitute any investment advice and does not represent the position or viewpoint of AiCoin. The market is risky and investments should be made with caution.