BTC’s two-day rally ended on Wednesday. Yesterday, BTC even briefly fell below $90,000, then regained stability above $91,000. We discussed a few days ago that the current level of $91,000 is quite important, but since Wednesday, this support has been repeatedly tested, which is quite concerning. Currently, BTC has fallen back below the short-term downtrend line. If the decline continues, it will pose additional downside risk for BTC. In contrast, ETH remains stable above $3,100, showing a better trend than BTC. However, if BTC breaks below $90,000, other coins cannot avoid being dragged down as well.
Yesterday, the community’s discussions mainly revolved around two meme coins on Binance: “Binance Life” and “I Came, I Saw.” Possibly because meme coins experienced some hype in early January, Binance decided to list these tokens at this time. However, the market has become accustomed to the phenomenon of “listing leading to dumping,” which results in poor price performance. This is currently the biggest issue in the crypto space, because no matter how good the narrative is, everyone has already assumed that tokens will be sold off immediately after listing for short-term gains. In the long run, this is not beneficial for the development of the entire crypto ecosystem, but given the current situation, it is quite helpless.
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