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The market sentiment is weak, and the overall cryptocurrency market lacks positive macro news catalysis, with investor sentiment leaning towards defense and hedging. There is still uncertainty about whether the Federal Reserve will cut interest rates in December (according to CME's "Fed Watch" data, the probability of a 25 basis point rate cut in December is 67.3%). This uncertainty keeps the market cautious. The decentralized finance (DeFi) protocol balancer has been hacked and may suffer losses exceeding $100 million. This type of security incident has seriously undermined the confidence of the market, especially the Ethereum ecosystem. Data shows that approximately 400000 bitcoins (worth over $40 billion) have been sold by long-term holders in the past month, putting supply pressure on the market. The net inflow of Ethereum ETF in October sharply decreased from $5.2 billion in July to $600 million, indicating insufficient new funds.
Last night, we quickly broke through the support of 3650 and went down 📉 At 3558, yesterday's support of 3650/3580-3780/3800 has become short-term resistance;
Intraday support downward: 3550-3450-3380;
Breaking the limit and descending by 3150, it is a densely traded area;
The 1-hour resistance of intraday rebound is still short selling;
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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.