1. Strategy Review
Delivering the trading way, enjoying a wise life. Looking back at yesterday's trading plan, several cryptocurrencies exhibited their unique performances.
VANA: As a participant in the AI sector, it surged by 27% at one point yesterday, attracting the attention of many investors. However, the price then began to decline, reflecting the market's volatility and uncertainty.
SEI: Showed strong resilience against declines. After retracing to the neckline at 0.2510 yesterday, it quickly gained momentum, rising rapidly to 0.2850. Notably, a fund associated with Trump has purchased it, undoubtedly adding attention to SEI's market performance.
EIGEN: Demonstrated a relatively stable price trend, consistently staying above 1.90. Even after yesterday's retracement, it returned strongly.
MKR: After falling to 1350, it rebounded strongly, returning to above 1450. The rebound momentum is strong.
From the current situation, these cryptocurrencies still have significant potential in the future market, warranting our continued attention.
2. Fundamental Analysis
1. Bybit Hacking Incident: A Black Swan Shaking the Market
Yesterday, a major event occurred in the cryptocurrency market — Bybit was hacked. On February 21 at 10:20, hackers stole 1.46 billion USD in total funds, which instantly drew widespread attention from the market. Subsequently, the blockchain address was made public, and Zhou confirmed the security incident, explaining the method of the attack in detail.
The stolen cryptocurrencies were dispersed across 39 addresses, with hackers still holding 400,000 Ethereum, 90,000 stETH, 8,000 mETH, and 15,000 cmETH.
However, 15,000 cmETH may be intercepted when the hackers attempt to cash out due to insufficient liquidity. Despite such a significant hacking incident, Bybit quickly raised the necessary funds after the event to ensure that user withdrawals were not affected, and this responsible attitude somewhat stabilized market sentiment.
2. Bitcoin On-Chain Data and ETF Outflows
From on-chain data, significant changes have also occurred in the Bitcoin market. From yesterday to 11 AM today, the 11th-ranked whale address reduced its holdings by 18,219 Bitcoins, marking the largest reduction in recent times, occurring at 5:11, 10:31, and 11:03.
Meanwhile, the outflow situation of Bitcoin ETFs is also concerning. From the 12th to the 22nd, Bitcoin ETFs continued to flow out, with another reduction of 365 million USD yesterday.
This series of data indicates that in the short to medium term, the Bitcoin market is under significant pressure, and the rebound strength is very limited. Therefore, when making layouts and purchases, everyone must control their positions. Although Bitcoin still holds value in the long term, it is almost impossible to exceed 110,000 USD in the short to medium term.
One can seize this opportunity for value return, reasonably allocate funds, and make corresponding layouts.
3. Technical Analysis of Market Trends
BTC: Bitcoin's performance yesterday was noteworthy. It reached 99,000 USD on the daily chart, which coincidentally is where the descending trend line connecting 110,000 USD to 105,000 USD lies.
After reaching this position, Bitcoin began to quickly fall back, with a volatility of 4.68% yesterday. After sprinting to 99,000 USD, it quickly returned to the lower Bollinger Band at 94,500 USD, and the current middle band of the daily Bollinger Band has been broken again.
Currently, the market's focus is on whether Bitcoin will attempt to rise again to 98,000 USD. From a technical perspective, for Bitcoin's short to medium-term trend to reverse, it must break through 100,000 USD to potentially bring about a larger upward trend. However, based on the current on-chain data and fundamental situation, Bitcoin's overall trend does not look optimistic.
ETH: Ethereum's price trend is also under close scrutiny. Yesterday, after Ethereum surged to 2,835 USD, it quickly fell back, with a volatility of 8.35%. This drastic fluctuation was largely influenced by the Bybit hacking incident. Ultimately, Ethereum also failed to successfully stay above 2,800 USD.
According to Jiugo's perspective, if Ethereum can stay above 2,800 USD, it will face a challenge at 3,000 USD. Only by breaking through the descending trend line at 3,000 USD can Ethereum potentially achieve greater success in the market.
Unfortunately, in this round of market fluctuations, both Ethereum and Bitcoin did not achieve effective upward breakthroughs but continued their previous trends, strongly suppressed by the descending trend line.
EIGEN: After retracing to the neckline at 1.90, it quickly rebounded upwards.
SEI: Similarly rebounded quickly after retracing to that position, and today it surged again by 15%.
VANA: The entry point yesterday was around 6.0, reaching a high of 7.5, with an overall increase of 27%.
MKR: A spiral pattern appeared yesterday, indicating market divergence at high levels, with 1,500 USD potentially becoming a short-term resistance level for MKR. However, from a long-term perspective, Jiugo remains optimistic about its upward potential, targeting a price of 1,800 USD. At this time, it is not recommended to chase high prices; those who held previously can continue to hold.
As Bitcoin and Ethereum are being suppressed, the market landscape is quietly changing. Some altcoins are beginning to stir, and funds are showing a trend of value return. So, in such a market environment, which cryptocurrencies still have layout opportunities?
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