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● Bitcoin Crossroads: Surge or Collapse?

Bitcoin Price Fluctuations, Strong Support Levels, Global Credit Rating Downgrade Issues: A Summary of Market Trends in June 2024

Bitcoin’s Key Support Level Analysis and Changes in Investor Sentiment

Bitcoin’s recent market price has fluctuated significantly.
The $102,886 to $99,894 range is emerging as a strong support level.
This range is where 398,590 investors have concentrated their Bitcoin buying power, according to the ‘Glassnode IOMAP indicator’.
This price range includes both newly entered investors and existing long-term holders.
There is concern in the market that if this price level collapses, it could psychologically drop to $100,000.
However, the likelihood of long-term investors selling off hastily is low, limiting the possibility of such a drop.

Bitcoin as Digital Gold, and Issues with US Stocks and Global Credit Ratings

Moody’s has issued a credit rating downgrade.
As global stock market volatility increased, demand for Bitcoin temporarily surged.
Bitcoin briefly rose to $106,800, raising expectations of breaking through previous highs.
The role of digital assets and cryptocurrencies as alternatives to traditional assets, or ‘digital gold,’ is being re-emphasized.
However, as the overall market volume rapidly decreased, the decline expanded again to the $102,000 level.
Short-term price fluctuations depend on the combination of global stock market influences and investor sentiment.

Volatility Expansion: Fear Gauge, Market Sentiment, and Declines in Ethereum and Altcoins

The Fear & Greed Index recently dropped from near 80 to the 70s, indicating a contraction in investment sentiment.
Nasdaq futures also showed increased volatility immediately after Moody’s downgrade.
Ethereum has seen a more significant price shock after its recent surge. Major altcoins like Bitcoin Cash and Avalanche have also fallen sharply.
The recent market atmosphere emphasizes the importance of volatility expansion and risk management.
A short-term rebound is possible, but the impact of global issues needs continuous monitoring.

Overall Cryptocurrency Market Cap Trends and Additional Market Outlook

The total cryptocurrency market capitalization (Market Cap) is down by 1.94%.
The market as a whole is showing a strengthening risk-averse sentiment.
The next stage of market trends is expected to lean towards “sideways movement below strong support levels,” “trends in global liquidity changes,” and “slow recovery vs. further correction.”
The New York market close today, along with additional global news, may cause changes in short-term direction.
Volatility, fear index, major credit rating issues, and other factors need to be observed from various angles.

Key Checkpoints to Watch in This Trend

– Whether Bitcoin’s support level collapses and the strength of the selling pressure
– The movement of long-term holders and changes in overall market sentiment
– The correlation between US stock market/global rating changes and the cryptocurrency market
– Additional declines in altcoins/Ethereum and signals of increased risk
– Whether the decline in total market capitalization will turn into a trend
– Whether short-term news/events can change investment strategies and sentiment

< Summary >
Bitcoin is psychologically battling at a strong support level; the impact of global credit rating downgrades is temporary.
Overall cryptocurrency market experiences increased short-term volatility, emphasizing the importance of risk management.
Caution is advised regarding further movements, considering global variables such as the New York market.

[Related Articles…]

• Basis of Bitcoin's Strong Support Level and Investment Strategies
• Long-Term Cryptocurrency Price Fluctuations and the Impact of Global Credit Ratings

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