#以太坊行情解读 Bitcoin's recent rebound seems to lack vitality. Last night's movement was quite fierce—pushing 90,000 dollars up in one go, only to see it drop back to 86,000 in less than two hours. What does this kind of sharp plunge indicate? The bulls simply can't hold the position, and the selling pressure is terrifying.

Currently, there's a major event looming—Japan is set to raise interest rates tomorrow. This external factor will undoubtedly cool the market. Based on the current market performance, it’s highly challenging to rally back to the previous high of 94,500 before the end of the month. Support levels are crucial, especially the 80,000 mark. Whether it can hold this line will directly determine if the market continues to grind sideways or if a new round of decline will begin. Once it is effectively broken, the downward space will open up, and there will likely be more room to fall.

Interestingly, the panic indicator seems to have become ineffective now. The panic that persisted during the last bear market is back again, indicating that this sentiment may last for quite some time.

Looking at the altcoin sector, the situation is even less optimistic. Although Bitcoin didn't break its previous low last night, altcoins collectively plunged, with many large-cap tokens hitting new lows. Valuation bubbles are still huge. The process of deflating these bubbles is far from over; it probably needs to continue downward until valuations reach a relatively rational level. In the short term, this pressure won't ease, especially after entering next year, when this trend might become even more apparent. In the current market environment, paying attention to the movements of main cryptocurrencies like ETH has become essential, as every subtle change in capital flow could signal the next direction.