Eugene Ng Ah Sio, a prominent trader, recently highlighted the persistent resistance Bitcoin faces near the $110K level, causing the market to oscillate predominantly between $100K and $110K. This resistance has led to a noticeable consolidation phase across altcoins, signaling a potential slowdown in market momentum. Ng emphasizes that without a breakout to new highs by Bitcoin, the Total3 market cap—which excludes Bitcoin and Ethereum—may experience a gradual decline due to ongoing unlocking pressures and reduced market holdings.
Ng further notes the current trading environment remains highly challenging, prompting a strategic shift towards lower-frequency trades focused on high risk-reward setups. He advocates for stringent stop-loss protocols and cautions against chasing coins driven purely by sentiment-fueled pumps. His altcoin exposure remains minimal, as he identifies that key value zones have yet to materialize, with most of his activity concentrated on short-term tactical positions.