【Last night, BTC revisited the year 2021 in a dream, reaching a peak of $64,300, creating a redistribution of 21.3 billion CNY in wealth overnight, resulting in 80,707 bankruptcies. Will the upcoming market be completely dominated by FOMO?】
Morning of 2024.2.29, 9:11 AM BTC/ETH Market Analysis
After yesterday's turmoil, the market was jointly attacked by both long and short positions. The analysis from yesterday also mentioned that Bitcoin and Ethereum are like dragons entering the sea, freely soaring and galloping, and are currently the most vulnerable to attacks from both long and short positions. Bitcoin started to gain momentum during the European session yesterday, breaking through the key resistance levels of 57,500 and continued to surpass 58,000/59,000/60,000/61,000/62,000/63,000, reaching $64,300, just a step away from the historical high. The new high is about to be broken, and the market has basically reached a consensus formed by last night's surge. From the market perspective, last night's market was more of an institutional frenzy, with few retail participants joining in on the Bitcoin surge past $60,000. Therefore, the data on liquidations and the number of people involved did not surpass the days before the ETF was launched. This can also be understood as a surge and plunge before the ETF was launched, cleaning up the leverage, and the leverage army has not yet fully recovered. However, the fact that the data is not as high as before the ETF was launched is undeniable!
BTC Focus Today
Support: 58,150/54,500/51,800/49,000
Resistance: 69,200
At this moment, the Bitcoin index has distorted completely, and FOMO is completely dominant. This is exactly the result that the main force wants, as it can further squeeze and kill. Bitcoin's blood-sucking behavior is severe, and the market is completely dominated by Bitcoin's gold absorption, with most other cryptocurrencies showing no desire. However, this also conforms to the characteristics of the middle and early stages of a bull market: Bitcoin absorbs gold, Bitcoin trades sideways, funds overflow, and various altcoins divert. However, discussing what stage the bull market is in at this moment has lost its meaning. All we can say is, hold onto your spot positions, don't change positions frequently, and patiently wait for the wind to come is the best strategy!
ETH Focus
Support: 3,200/3,000/2,851/2,403
Resistance: 3,800
The previously mentioned 3,400 hit directly. The current market is ruthless, so don't try to find some so-called logic to limit your thinking. A raging bull will not be tamed by your rationality, so don't think of yourself as a god who can control everything. Go with the flow, and at this time, remaining still is the best course of action!
Fortunately, we have always adopted long-term fixed investment, mid-term rolling positions, and short-term entertainment. At this moment, we still have a lot of chips in our hands and won't be too affected by FOMO. Even if we feel like we've missed out on this bull market, after all, we have the means (chips) to remain as stable as Mount Tai! 
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