The market sentiment is high, breaking through strongly, and is just 200 points away from a new high!

Last night it peaked at 73600 but failed to break through, currently retreating to around 72200. There's no need to fear heights or worry about the pullback, and don't blindly guess the top; be patient and wait! If there’s a chance for a sharp drop later, decisively increase your position.

This wave of increase, Bitcoin's breakthrough is imperative. Last night it was just a little short of breaking through; the historical resistance at the new high is still significant. If it breaks through and stabilizes, the overall secondary market will respond accordingly.

I mentioned earlier that there is a great possibility of reaching a new high this week, and we are really not far from it now. As long as this breakthrough happens, market confidence will be reignited, and then the upward trend will truly begin.

As the saying goes: "As long as the bears don't die, the bulls won't stop."

This morning I observed the market and found that many traders are still showing their short positions, hoping for a Bitcoin pullback.

I judge: Currently, the BTC market is not going to end so easily; the upward trend is still evident. There’s no need to worry now, continue to maintain a strategy of buying on dips.

The spot market is at a turning point right now; to be honest, no one dares to make a definitive call. Although I firmly believe there will be altcoin trends.

At this moment, we don’t need to FOMO; just hold onto what you currently have. Remember, never go all in at any time; the more you FOMO, the more you need to pay attention to safety!

Especially for contract leverage players, sharp spikes in a big market are very normal. Altcoins can fluctuate up and down by a dozen or twenty points; don’t let your position get wiped out in a good market trend.

This Friday, the big non-farm payroll data will be released, and the current market expects the Federal Reserve to cut interest rates by 25 basis points in both November and December, with the probability of no rate cut in November close to 0, which also increases the likelihood of a subsequent easing path;

However, in the end, it’s still the non-farm data that will set the tone; we await Friday's big news.

Compared to Bitcoin's success, what’s frustrating is Ethereum:

In this round, whether it’s Meme, Ai, Rwa, Defi, or Depin, Sol has the upper hand over ETH, and the trend is crushing.

This round of ETH performance has been disappointing; last round when Bitcoin was over 70,000, ETH was around 3800, and now it’s still stuck around 2600. With Ethereum stagnant, altcoins are also not rising, and most people are still stuck in their spot positions.

Now everyone is sharing the joke that Bitcoin and ETH are both 2000 dollars away from their historical highs. Bitcoin's previous high was 73777, and the current price is above 72k; Ethereum's previous high was 4868, and the current price is 2620, which means ETH has underperformed Bitcoin by 100% during this period.

Ethereum is indeed lagging behind Bitcoin, and it’s currently in a triangular consolidation trend.

If it can break out of this consolidation, it may have a strong wave; if it cannot break away from the consolidation trend and still cannot become strong, then we really need to consider whether to continue playing with Ethereum!

Finally, let’s talk about the altcoin market:

Unsurprisingly, it’s still a Meme-dominated market.

The ones that have followed the market most vigorously are still the leaders in various Meme subfields, such as the leader of Ai Meme, Goat, the continuously hyped Doge by Musk, the biggest beneficiary of Trump trading, Maga, the cult concept leader Spx Harry Potter, the Sotheby’s + art concept leader Ban, and various other cats, dogs, and frogs, with an average rebound of around 20%. Most altcoins are actually just following the trend with little trading volume, only a few leading sub-tracks are showing significantly stronger trends than the overall market.

Of course, if Bitcoin can maintain above 70k for more than a week, then the familiar altcoin bull market will definitely start, so stay tuned!

The altcoin market may be late but it will arrive; be patient and wait.

That’s all for this article; if you like it, please give a follow and a like~

In the crypto industry, if you want to seize the next bull market opportunity, you need to have a quality circle, where everyone can come together for support and maintain insight. If you are alone, looking around and finding no one, it’s 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

Thank you for reading; if you liked it, please give a like and follow, and see you next time!

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