Bitcoin oscillated around the $60,000 level for a long time last night, and continued to fluctuate and decline after midnight today (11).

It hit a low of $58,900 at 2 AM, marking the lowest point since September 17.

However, Bitcoin quickly rebounded, currently reported at $60,433, with the 24-hour decline narrowing to 0.67%. Does this indicate that the main players have gained liquidity?

Although it looks dangerous, a closer look shows: the bears are not as strong as the previous three times.

On the contrary, the three upward movements of the bulls have all broken the previous high points, which is enough to indicate that since the sharp decline on August 5, the bulls have begun to gradually recover.

Currently, Bitcoin is undoubtedly still oscillating here. Although the price has not broken the previous high, it did drop below $50,000 at one point, but quickly recovered.

Overall, although Bitcoin's trend gives a very dangerous feeling, when viewed in conjunction with the overall trend, BTC is still in a bullish market.

However, this year's bull market is quite bumpy; it takes three steps forward and two steps back, making it difficult for people to build confidence.

This year's altcoins can be said to be the hardest to play, basically belonging to a wave of market peaks, and if one is slightly greedy, the early profits have already been largely given back.

Therefore, to achieve results with altcoins this year, one needs courage when buying and skill when selling.

With the influx of capital, the investment mentality required from everyone is getting higher and higher. Sometimes the technical analysis suggests a move, but the market sentiment is very hot, and this internal struggle can easily lead to a loss of direction.

I see a bull market in 2024, but many people do not share this view; because the opinions of those around me, the continuous decline in Bitcoin prices, and the fact that it has been oscillating for more than six months without stopping the decline, along with the lack of improvement in altcoins, are all facts that cannot be ignored and cause concern.

This may be the main reason for the anxiety of a large portion of people. The reason I do not have this anxiety is quite simple.

The people in my circle share the same views as I do, and our past experiences and the trading systems we have mastered tell me: this market is good, the longer the oscillation lasts, the more it will allow valuable coins to soar.

As for the reason for Bitcoin's rapid drop and rebound, it may be related to the two economic data released by the U.S. last night:

The U.S. CPI for September rose 2.4% year-on-year, although lower than August's 2.5%, it was slightly higher than the market expectation of 2.3%.

The number of initial jobless claims in the U.S. last week was 258,000, an increase of 33,000 from the previous week, also higher than the market expectation of 230,000.

In the context of persistent inflation and relatively weak labor force, all four major U.S. stock indices closed down, and Bitcoin suffered losses.

Now let's talk about the upcoming market:

- If BTC stabilizes above MA120, then it will welcome a wave of main rising waves.

The duration is expected to be 3-6 months, and if it coincides with the U.S. rapidly lowering interest rates, then all conditions will be favorable.

- But it may not be the kind of bull market where everything rises; new things and new technological innovations need to follow for that to be possible.

However, regardless, this round has not seen new things, only a few memes. Recently, there seems to be some profit-making effect, but it has not been widely transmitted and has already pulled a lot.

If it all turns into just trading memes, then the market is unlikely to last too long.

- Whether it's U.S. stocks, Hong Kong stocks, or the A-share market, they have all just happened to benefit from the expectations of this round of interest rate cuts.

There will be a transmission effect later, and if there is a large-scale, long-term adjustment, then the crypto circle may also find it difficult to avoid a prolonged downturn.

Therefore, in the latter half, one still needs to pay attention to risks, as there are too many uncertainties with altcoins; the only long-term belief can be in BTC.

- One should still accumulate more cash as the market rises. Currently, we are still in a relatively severe employment environment, and this may last for a long time.

Having a certain amount of cash on hand allows one to wait for opportunities, and when the time is right, having reserves will enable long-term survival.

This article is time-sensitive and for reference only; it will be updated in real-time.

Focusing on K-line technical research, sharing global investment opportunities. Public account: Crypto悟饭

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