Trading time: $1.15 billion in BTC long orders gathered at $106,700, and Ethereum was considered to be a healthy pullback.

Daily market key data review and trend analysis, produced by PANews.

1. Market Observation

Federal Reserve Chairman Powell's remarks weighed on market sentiment. He noted that while the Fed has lowered interest rates to a range of 4%-4.25% to address the economic slowdown and downward employment risks, inflation has recently rebounded and remains above target. Coupled with policy uncertainties surrounding trade and immigration, future monetary policy will be subject to flexible adjustments based on data and the economic outlook. While he did not explicitly state whether an October rate cut would occur, his comments triggered profit-taking in the market, with the Nasdaq falling nearly 1% as tech and consumer discretionary sectors led the decline.

Yesterday, spot gold hit a new high, approaching $3,800. Patrick Witt, executive director of the White House Digital Asset Advisory Council, stated that he expects the Crypto Market Structure Act to be passed before the end of the year. The bill, which integrates multiple pieces of legislation, aims to establish a comprehensive regulatory framework for digital assets and clarify the division of responsibilities between the CFTC and the SEC.

Bitcoin entered its sixth day of decline, falling to around $111,000 as of 12:00 PM today. Analyst Ash Crypto stated that Bitcoin's failure to break through the key resistance level of $113,500, coupled with a weakening Nasdaq index, could further exacerbate downward pressure on Bitcoin. He believes that Bitcoin needs to successfully break through $113,500 and $118,000 to usher in a new round of gains and reach new all-time highs. The market may experience a period of volatile correction before a potential breakthrough. Michaël van de Poppe believes that if current support fails, prices could fall to the "maximum buy zone" of $106,000-108,000. Data provided by Ted shows that there are currently $1.15 billion worth of long liquidation orders concentrated at the $106,700 price level. Analyst 0xENAS expressed concern about the entire crypto market. He believed that after experiencing the largest liquidation of the year, the market failed to rebound effectively, exposing the lack of marginal buyers, indicating that the market may generally enter a weak state. He predicted that Bitcoin, Ethereum and SOL may fall to $100,000, $3,400 and $160 respectively.

Ethereum fell again to the previous day's low of $4,073 at 12:00 PM today. Analysts are generally optimistic about its long-term potential, but cautious about its short-term trajectory, believing it will undergo a period of correction. Analyst Ted predicts that Ethereum could break through $10,000 this cycle, but will first pull back to the $3,600-3,800 range. He compares this trend to Bitcoin's over-25% pullback after reaching new highs during the 2017-2021 cycle. Technical analysis also suggests that a break below the symmetrical triangle pattern could theoretically trigger a 15% drop, targeting $3,560. Analyst Michaël van de Poppe believes the $3,550-3,750 range is an ideal initial entry point. However, there are also strong bullish voices in the market. Fundstrat analyst Mark Newton believes Ethereum will not fall below $4,000 and is expected to reach $5,500 by mid-October. Scient's analysis is more nuanced, noting that as long as Ethereum can hold the key weekly support level of $3,900, the current price around $4,060 offers a good risk-reward ratio. If the price falls further below $3,900, watch for the weekly demand zone between $3,500 and $3,850, which could be filled during the uptrend before a further rebound. More optimistic analysts, such as Crypto GEMs, apply Wyckoff theory to their analysis, arguing that Ethereum's current pullback is a healthy retracement, building momentum for a new high of $7,000.

In the altcoin market, the focus is currently on Plasma's TGE on September 25th. Multiple influencers (KOLs) have revealed that its team members overlap with those of Blast, causing significant price fluctuations. The pre-market price of XPL is currently around $0.68. Furthermore, ASTER has been a hot topic in recent market trading, with revenue in the past 24 hours second only to stablecoin protocols Tether and Circle. Perhaps due to its trading points promotion, the price of the coin surpassed $2.25, a 32% increase in 24 hours. FTT prices surged again after September 18th, reaching a high of nearly $1.30 before falling back below $1. The increase has currently narrowed to 20%. This fluctuation is believed to be related to a post by SBF's account, "GM." SBF has since clarified that the post was made on his behalf by a friend. Meanwhile, SIGN also experienced a period of rapid growth, reaching a high of $0.133 before its current increase has narrowed to 25.66%. Yesterday, CZ retweeted a tweet about "Sign launches SIGN, a blockchain technology stack built specifically for sovereign states" and mentioned that Sign is a company in the YZi Labs portfolio.

2. Key Data (as of 13:00 HKT on September 24)

(Data sources: Coinglass, Upbit, Coingecko, SoSoValue, Tomars)

Bitcoin: $112,277 (+20.4% YTD), daily spot trading volume $49.128 billion
Ethereum: $4,151.51 (+24.14% YTD), with a daily spot trading volume of $30.88 billion
Fear of corruption index: 44 (neutral)
Average gas: BTC: 1.11 sat/vB, ETH: 0.19 Gwei
Market share: BTC 57.8%, ETH 13%
Upbit 24-hour trading volume rankings: 0G, AVNT, BARD, XRP, UXLINK
24-hour BTC long-short ratio: 49.8%/50.2%
Sector gains and losses: Meme sector fell 2.43%, AI sector fell 1.34%
24-hour liquidation data: A total of 402,447 people were liquidated worldwide, with a total liquidation amount of US$295 million, including BTC liquidation of US$1.1359 million, ETH liquidation of US$904,600, and SOL liquidation of US$506,000.
BTC medium- and long-term trend channel: upper channel line ($116,170.70), lower channel line ($113,870.29)
ETH medium- and long-term trend channel: upper line of the channel ($4533.24), lower line ($4443.47)

*Note: When the price is higher than the upper and lower edges, it is a medium- to long-term bullish trend; otherwise, it is a bearish trend. When the price is within the range or repeatedly passes through the cost range in the short term, it is in a bottoming or topping state.

3. ETF flows (as of September 23)

Bitcoin ETF: -$104 million
Ethereum ETF: -$141 million

4. Today's Outlook

Binance Wallet to Launch ZEROBASE Token Presale and Booster Event on September 24th
Binance Alpha to List GriffinAI (GAIN) on September 24th
ChainOpera AI (COAI) will be available on Binance Alpha and Binance Futures on September 25th
Plasma will launch TGE on September 25th
The number of initial jobless claims in the United States for the week ending September 20 (10,000): previous value 23.1, expected value 23.5
Nillion (NIL) will unlock approximately 65.12 million tokens at 9:00 PM on September 24th, accounting for 33.37% of the current circulating supply and worth approximately $21.4 million.
Particle Network (PARTI) will unlock approximately 182 million tokens at 6:00 PM on September 25th, representing 78.44% of the current circulating supply and valued at approximately $34 million.
Venom (VENOM) will unlock approximately 59.26 million tokens at 4:00 PM on September 25th, representing 2.28% of the current circulating supply and valued at approximately $8.6 million.
AltLayer (ALT) will unlock approximately 240 million tokens at 6:00 PM on September 25th, representing 5.67% of the current circulating supply and valued at approximately $8.1 million.

The biggest gains among the top 100 cryptocurrencies by market capitalization today: Aster up 22.4%, Zcash up 13.6%, Immutable up 7.3%, Ether.fi up 7.6%, and Sky (formerly Maker) up 6.4%.