The cryptocurrency markets are experiencing challenging times, even for seasoned traders. The last 24 hours felt as painful as the November 2022 crash. Despite strong optimism for a rebound, investors have witnessed events that keep their hopes in check. While BTC aims to reclaim the $100,000 mark, many altcoins remain far from recovering their daily lows.
BTC price was at $99,900 at the time of writing, with most altcoins still unable to recover their losses. SOL Coin made a strong comeback, and XRP Coin is trying to regain the $2.7 mark. Meanwhile, ETH lingers at $2,700. An analyst known as DonAlt expressed concerns in a February 1 analysis.
“If BTC drops by 1%, everything else in the market will lose value. BTC looks good, but returning to this support isn’t ideal. Given the economic chaos caused by Trump, I’m surprised BTC hasn’t lost more value.”
Hours later, fears became reality as the experienced trader anticipated a “larger drop.” Today, he wrote;
“It ended much faster than I thought. It closed in the red zone, dropping to a low range. It’s currently testing previous support as resistance. This area is somewhat risky; recovering quickly would be beneficial, but it may take time.”
Analysis of Altcoins
Based on the news flow, BTC could reclaim six-figure levels. Within the next 24 hours, updates on negotiations between China and the U.S. may influence volatility further.
TraderXO suggests monitoring key levels closely.
“Some of us only trade based on what we see and plan. It still depends on the range, providing the best opportunities at extremes, neither less nor more. Ignore the cries of excitement and disaster; focus on this range.”
Recently, Poppe used a chart of SEI Coin to indicate expectations for a turnaround in altcoins. He admitted his misjudgment and argues that excessive selling has led to new lows.
“Markets are in a bloodbath, requiring non-intuitive decisions. SEI has absorbed liquidity, and while it feels like you should sell, doing the opposite may be necessary. Historically, the RSI at these levels indicates a low point, similar to August 2024.”
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
