The crypto market finally sees a glimmer of hope!
The Bitcoin market has once again demonstrated strong upward momentum, successfully breaking through the key resistance level of 68,700 and quickly climbing above 70,000 USD, reaching a new high in over seven months.
Since the airdrop on October 26, following the Israeli airstrikes on Iran and Wall Street's FUD regarding Tether, the market did not continue to decline. Instead, after the bulls took control, it entered a period of sideways consolidation, indicating that the bears have surrendered.
The exhaustion of short liquidity directly results in the market continuously rising and pushing up, followed by the liquidation of short positions. A series of these actions will further drive the market upward.
In this wave of rising prices, the significant emergence of active buy orders and the capital flow from spot ETFs showing signs of an "October rally" have injected positive signals into the market.
Although there was a slight pullback last week, I mentioned in my daily articles that unless new negative information emerges, there is almost no possibility of a significant decline in BTC prices. I wonder how many brothers have seen this? In fact, I wouldn't be surprised if we break new highs soon.
Of course, after breaking 70,000 USD, the fear of heights is likely to still be present:
As prices continue to rise, market risks are gradually accumulating. At this point, there may be an increase in selling pressure, especially when prices reach the high point area of 71,200-72,000, where risk control should be particularly noted to avoid blindly chasing highs.
Macroeconomic Perspective:
This week, a series of data is awaiting release from the United States:
On Wednesday, the U.S. Q3 GDP will be released;
On Thursday, the inflation indicators favored by the Federal Reserve will be released;
On Friday, the October non-farm payroll report will be released;
The U.S. October ISM Manufacturing PMI, a barometer of the economic cycle, will also be released on Friday;
It can be said that the real risk this week starts on Wednesday and peaks on Friday.
Regarding the highly anticipated non-farm payroll data (previous value: 254,000; market expectation: 120,000):
The current market outlook on this data is not very optimistic. Although the unemployment rate is still expected to be at 4.1%, non-farm employment is likely to see a significant pullback, and the sentiment of trading recession may re-emerge.
Macroeconomic data will definitely impact the crypto market: Therefore, holding spot assets and staying away from contracts is the most correct choice. Short-term fluctuations do not affect the trend, so there is nothing to worry about for spot holders, mainly a reminder for contract users.
Altcoin Perspective:
With Bitcoin standing above 70,000, focus shifts to altcoins. If the rise continues, funds will flow back from on-chain to CEX, and then altcoins will collectively celebrate. The logic is simple: you can't expect all retail investors to buy Bitcoin. Funds will overflow, and the key point is that market sentiment will also overflow.
ETH in this round can be described as garbage, completely failing to keep up with the rhythm and trend, currently still hovering around 2,600. ETH in this round doesn't even qualify as a runner, but after all, it is the second-largest coin, so it remains to be seen if it can initiate an independent rally to drive a collective rise in the altcoin sector!
Since Bitcoin has strongly broken through 70,000, it depends on whether ETH can gather strength. As long as it lifts its head, altcoins can revive.
The Solana ecosystem and Meme sector remain key areas of focus!
Currently, the second-layer concept is closely related to ETH, and the relevant coins are at the bottom, so it is possible to build a small position now. ETH is indeed very weak, but it does not rule out the possibility of it initiating an independent rally!
Believe in the power of time; market fluctuations will eventually return to rationality, and valuable assets will shine under the test of time. Therefore, maintain patience and confidence, waiting for further market developments and opportunities to arise.
In the crypto industry, if you want to seize the next bull market opportunity, you need to have a quality circle where everyone can support each other 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 support or have questions, feel free to join us — WeChat Official Account: You Bi Zhi Qing Nian
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