In the past 24 hours, BTC experienced intense volatility, plummeting over 5,000 points from its high of 105,909 to a low of 100,372, with a daily decline of 3.11%, approaching the critical 100,000 mark and facing the risk of losing its six-digit price for the first time in a month.
Other mainstream cryptocurrencies also saw significant drops, with ETH touching 2,381, Solana falling to 141.53, and altcoins generally declining between 5% to 10%. According to CoinGlass data, as of June 6, a total of 227,763 global crypto perpetual and spot market positions were liquidated, amounting to $982 million.
This market plunge is actually a pre-planned harvesting scheme! Why say so? Reason: Last night, Musk and someone suddenly got into a heated argument on X, with one being the richest and the other most powerful. The scene was indeed explosive. Everyone was watching and laughing, but when they woke up the next day, the market was slammed with a massive red candle - the clown was us. (We became the target of the joke)
Actually, this is not the first time. This is an old trick - every major market fluctuation comes with a bunch of "topic news", such as arguments or exposés, which are actually smokescreens. The real purpose? To divert attention, make retail investors panic, and coordinate with their pre-planned rhythm. This time is the same, with Musk and Trump seemingly at odds, but it looks like they're performing a double act - they create panic, media amplifies emotions, and BlackRock quietly completes the harvest. You think they're fighting? As a result, ETH was secretly bought out.
This is how the last bull market played out: First, crash to create panic; wait for retail investors to sell; then secretly buy the dips; finally, retail investors end up holding bags at high prices. Now ETH is approaching its historical high, and they have already quietly ambushed. So stop fixating on 15-minute or 1-hour K-lines, and don't trade based on emotions - that's not the main force's rhythm, that's suicide. The real main force doesn't rely on rhetoric or news, but on advance planning and rhythm control. What we should do is not be led by emotions, but understand the plot and avoid being the first "vegetable" to be harvested. Back to the market, after the two verbal battles, CZ takes the stage. CZ quietly changed his avatar today, directly boosting two major meme coins. Secondary market sentiment is flowing back, with MEME and #AI sector showing signs of movement; on the primary market, influenced by CZ, BSC chain's heat surged, with #BC, $TT starting to show FOMO atmosphere.
How will it go next? Let's keep an eye on the on-chain actions, not listening to what they say, but watching what they do.
Okay, let's look at the altcoin situation:
DOGE
Tesla directly dropped 5% due to these two's verbal battle, and market sentiment weakened. At that time, DOGE was approaching the previous low, stepping into the technical support zone, and then Musk dropped a bombshell about "Lolita Island", causing DOGE to accelerate its dive. As a coin tied to MUSK, DOGE always becomes an outlet for market sentiment. This time is no exception. Actually, DOGE is always worth repeated review. This round has returned to the oscillation zone of early May. If there were a trend resonance, coins like DOGE and SOL should have broken through the AR resistance in one go, rather than falling at first touch.
The biggest misjudgment this round is underestimating BTC's capital absorption capacity. Except for BTC, almost no coin can stand at the high point of early March. However, now back to the starting point, I'm actually starting to look forward to it.
PEPE, next wave of explosion or Waterloo?
Recently, PEPE's price has been volatile, dropping as low as 0.000011, with trading volume falling to just 360 million, showing a clear cooling of market heat. However, bulls haven't given up, with the price slightly rebounding to 0.0000113, up about 0.5% in 24 hours. From a technical perspective, RSI has fallen to 42, leaning bearish, and SMA-14 also suggests continued oscillation. However, bulls are defending above EMA20, and the BoP indicator shows short-term buyers still have confidence and might attempt a pull.
But MACD is not optimistic, with red bars continuously expanding, indicating bears still have the upper hand. If PEPE fails to hold the 0.00001029 support, it might drop to 0.00000848; conversely, if it breaks through 0.00001295, the target would be 0.00001496. From a project fundamentals perspective, PEPE lacks a clear development roadmap, but has extremely high social circle activity, with over 500,000 X followers. Don't forget, it once surged 222% after listing on BN, reaching its historical high. So, this typical meme coin logic is clear - as long as there's emotion, events, and community, it can take off without fundamentals at any time. The current low volatility phase might be the prelude to the next market move.
Is SHIB about to become a sacrifice?
SHIB's spot price continues to be under pressure, mainly because its deflationary mechanism is declining. Data shows SHIB's daily burn volume has dropped 24% to just 13.85 million tokens, worth less than 180, which is almost negligible compared to its nearly $7 billion market cap.
Meanwhile, investors and developers are gradually withdrawing. Shibarium Layer-2's total locked value has plummeted 33% this year to just $2.27 million. Whale holdings have dropped from 7.438 trillion in early February to 7.3 trillion now, with long-term selling undermining retail investor confidence and exacerbating the decline.
Technically, SHIB is at a critical position under the bear flag's lower rail. Although there's a possibility of rebound, both RSI and MACD show fatigue, with clear selling pressure. MACD is even approaching a death cross, suggesting a potential long-term downtrend in the coming days. If it breaks the key support, the price might plummet 53% to around 0.0000058. However, the 0.00001 area remains an important support, and whether it can hold will determine if the bear flag becomes invalid. For a large meme coin like SHIB, entry timing is crucial. Those who entered in mid-April might become the biggest victims if a collapse occurs.
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