February 24, 2026

The eighth day of the lunar calendar marks the resumption of work and good luck in starting up. The crypto market has also reopened, but not to pump prices, rather to initiate a new round of dumping. Currently, the decline in mainstream assets is understandable; Bitcoin is heading towards 60,000 USD, and Ethereum is continuously approaching its previous low of 1750 USD. Based on my previous analysis, this is a secondary retest on the daily chart. Removing the holiday休息时间, this timing is also quite reasonable. As for whether a successful secondary retest can lead to a small rebound, we’ll have to wait and see. Currently, market sentiment is quite gloomy; even a slight stir can cause prices to break previous lows.
One example illustrating the current market sentiment is yesterday’s USD1 briefly losing its peg and dropping to 0.98. This stablecoin, issued by a compliant institution audited for legitimacy, saw its value plummet from 1 USD to 0.9802 USD after the founder’s, who is also Trump’s son, X account was hacked and past tweets were deleted. In other words, as soon as there’s a slight disturbance, investors rush to escape, even stablecoins can be dumped by 2 points. The market now feels somewhat panicked, with everyone on edge. Those holding USD1 for investment are very afraid of problems arising.
This situation is not just about liquidity shortages but also a severe lack of market confidence. The panic and greed index has fallen into single digits. In the past, such a situation in the crypto world would be considered a short-term bottom, but now, I really can’t say for sure. One of the main reasons is that the past two years have seen the emergence of junk tokens.