Bitcoin experienced a pullback yesterday afternoon, followed by a slight rebound in the evening due to large purchases on Coinbase. However, this morning during the Asian trading session, the market faced another wave of selling pressure, with Bitcoin fluctuating around $67,000, where there is significant contention between long and short positions.

After Bitcoin hit around $69,500 yesterday, it showed signs of weakness in its upward movement and then began to pull back. The pullback during the upward phase is to rise higher; we are waiting for the market to truly break through, and that will be the real performance of the market. November will bring the elections, interest rate cuts, and the liquidity that FTX is about to release, so I believe the market will become even more frenzied. A pullback is an opportunity for positioning.

Despite the pullback, I still maintain a bullish outlook. The current key point is the support level below, particularly at $64,500. If Bitcoin fails to break below $64,500, my bullish expectations will remain unchanged. If Bitcoin can hold this support, it may rebound again.

In previous analyses, the view has consistently been that the probability of moving within a range is quite high. Currently, Bitcoin has retreated from last night, which actually encountered resistance at $70,000. The performance of altcoins is more pronounced; some say the market for the elections has already shown early signs, but in my view, it hasn't surged all at once, so it can't be considered an early performance.

A slow rise is still beneficial for us, unless there is a sudden surge.

The 4-hour level around $66,500 has found support, but we need to continue observing whether this support is effective. If there are changes in the market, I will inform the group immediately.

At the same time, to prevent uncertainty from impacting the market, especially the potential risks of the U.S. elections and a global economic recession. These factors could bring significant volatility to Bitcoin and other crypto asset markets, so a cautious strategy is advisable.

Regarding Altcoins

The altcoin market has been very lively these past few days, with APE leading the charge, surging over 100%. DYDX, AP13, MAGIC, and others have also performed well, with overall gains in sectors like gaming and NFTs. There is a rotation effect in the sectors; currently, altcoins are at the bottom range, and with just a bit of demand, they could easily surge by dozens of points.

I believe it is still possible to position some undervalued altcoins; during this volatility, the exchange rate of Ethereum against Bitcoin has strengthened, so we should closely monitor Ethereum's movements.

Bitcoin has been rising for over ten days, only to encounter a pullback that resembles a more significant correction. If this were a complete upward trend, we would currently be at the starting point. Making plans and conducting research is what we should focus on now, rather than letting the fluctuations of the K-line dictate our emotions and decisions.

I mentioned long ago that altcoins can complete in a month, a week, or even a few days what Bitcoin takes 1-2 years to accomplish. In trading, the key is to understand your own capacity limits. If you can't grasp the main storyline of the altcoins, then holding onto major coins while pairing them with a few altcoins you believe in without switching positions until the timing is right or the price reaches your expectations would be a good strategy.

Meme trends will continue, but sectors will also rotate, and altcoins are at the bottom, so everyone should actively adjust their strategies. If you FOMO when prices rise and panic when they fall, I advise you to withdraw and leave this market early.

To seize the next bull market opportunity in the crypto industry, you need to have a quality circle; together, we can keep warm and maintain insight. If you are alone, looking around and finding no one, it is actually very difficult to persist in this industry.

If you want to find a supportive community or have questions, feel free to join us—WeChat Official Account: You Bi Zhi Qing Nian

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