【Market News】BTC quickly formed a long wick candle in the early morning accompanied by unfavorable information, walking out of a double bottom structure on the daily chart. As expected, the market also showed differentiation, with BTC leading the way in the correction while altcoins like ETH did not follow the decline. This implies that the adjustment phase of the market is coming to an end. The purpose of the long wick candle for BTC is to liquidate leveraged contracts (affecting 80,000 people).

) and forcing retail investors to surrender their chips in panic, although the market rebounded in the morning, the lack of sustained bullish momentum. Attention should be paid to the resistance level of 62000-63000 during the day. Breaking through and stabilizing this level will stop the decline and continue the upward rebound. Otherwise, there will be a second retracement confirmation. There are two forms of double bottom pattern: 1. Retracement to 57000-58000 without breaking the new low and moving upward. 2. Retracement to 55000-56000, breaking the new low and then moving upward. Regardless of which form it takes, the bullish view remains unchanged. There is no need to worry excessively at this point. On-chain data shows that long-term holders with a cost of 64000-69000 are not participating in turnover due to short-term fluctuations. The inventory of BTC exchanges has reached a 6-year low, and the continuous inflow of Ether on-chain indicates that the profit realization rate of long-term holders is still at the bottom, indicating that the second stage of the main rising wave has not yet arrived, the bull market has not ended, and the adjustment is coming to an end. The louder the cry of 'the bull market is over, cut the loss and run,' the more it indicates that the market bottom has arrived. The June gold bottom is an opportunity to pick up chips, and the dawn will finally come in July.
【About Spot】Looking back at the live broadcast, catching the bottom is nothing more than the two bottoms on April 14th and June 18th. Now looking back, they are all the lowest points. After April 14th, BTC fell from 66,000 to 56,000, a drop of 10,000 points. However, altcoins have always maintained the bottom running without downward space. From June 18th to today, altcoins have also remained near the bottom without a significant decline. So why hasn't the price changed but your mentality can't bear it? Because the market maker is whipsawing and shaking the positions, BTC is falling to fill the gap in the futures contracts, and you are just putting pressure on yourself psychologically. The bottom of the altcoins has already appeared, so there is no need to worry now. This position has a much higher chance than risk. There are signs of inflow of market maker funds, and the altcoin season will come after BTC's bottom is repaired.
【About Ether】My friends who are familiar with me all know that I am a believer in Ether, advocating everyone to have Ether on hand. In the first stage, I guided everyone to catch the bottom in the 2800-2900 range. In this second stage, I'm guiding everyone to catch the bottom in the 3200-3400 area. Regardless of on-chain data or the sweeping of big whales like Sun Ge, as well as the expectations of ETF, after a multidimensional analysis, I continue to be optimistic about Ether's future market. The target of 6000 in this bull market remains unchanged, and those who don't have it can continue to gradually lay out at 3150/3260.
On-chain data: The short-term holders have entered the lowest point of this bull market, returning to the bottom level of the bear market in 22 years. The unrealized P&L (Profit and Loss) has entered the negative zone for the first time since the rise of this bull market, and the realized P&L has reached the bottom level of the bear market in 22 years. The on-chain data of the 4 short-term holders all indicate that the current position is at the low point of the bull market.
[Regarding the compensation of Mentougou] The old actors in the circle change their soup at every bull market, although this time they really have to compensate, there is no need to panic, the market can completely digest this part of the selling pressure now, and the price and method of compensation will also be lower than the market's expectations, there is no need to over-interpret.
[About the news] There will be important PCE release this Friday, unemployment rate and Powell's speech next week. From a macroeconomic perspective, the probability of rate cut in September is increasing. The economy is slowing down, inflation is declining, the labor market is weak, Europe is cutting interest rates, Japan is selling US bonds, and there are many pressures such as elections that force the Fed to be unable to maintain high interest rates. In the long run, there are many favorable factors that will drive market expectations upward.