Ansem: It is difficult to change the current bearish outlook unless BTC reclaims $112,000

ChainCatcher news, according to crypto KOL Ansem, indicates that a clear SFP (Swing Failure Pattern) can be observed from the weekly charts of XRP, SOL, and ETH, suggesting that the market trend resembles a momentum termination rather than the beginning of a new bull market. He pointed out that this situation is similar to LTC's trend in 2021, and the BTC price has also fallen below the 2024 high.

Ansem believes that the extensive distribution phase lasting 10 months may be nearing its end, as the market lacks new narrative drivers. MSTR has fallen below the 200-day moving average for the first time since peaking last November, turning it into a resistance level, indicating a weak market structure. He added that unless BTC reclaims the $112,000 level, it will be difficult to change the current bearish outlook.