I know many friends want to say something, why did it drop today, could it be the end of the bull market, what are the reasons for the decline, is it because of poor tech stock earnings, is it because of bad core PCE data, or is it because Trump might fail? To be honest, I don't know what the correct answer is either, but there are indeed several unfavorable factors today, though these factors are not the key ones.

For example, the earnings reports of tech stocks are indeed not very good, which even dragged down the Nasdaq and S&P 500, and Coinbase's earnings report was very poor, dropping over 15%. However, $MSTR only fell by 1.15%, and the decline was even smaller than #BTC. Although the core PCE data is not good, it was already anticipated, so there is nothing too surprising. For the Federal Reserve, this month's data will not affect its monetary policy in November.

It's still early to talk about Trump's potential failure in the election, and there are no obvious signs yet. Although today's Polymarket data shows that Trump's winning probability has decreased by 1.4%, he still leads Harris by 27.8%. Anyway, the results will be out next week, so let's wait quietly. From my personal perspective, I believe that inflation data or earnings reports will not have a significant impact on BTC prices. Even if BTC experiences a slight pullback, I still think the climax brought by the election has not yet appeared and will not end so soon.

Looking back at BTC's data, there hasn't been much change. Indeed, some investors with losses have exited due to the price drop, but this is not the main part. The largest turnover still comes from short-term profit-taking investors, which we anticipated. I mentioned yesterday that the washout below $70,000 was not sufficient, and more washing is not a bad thing.

The support between $64,000 and $69,000 remains very strong, and I haven't seen any issues. Earlier investors also do not have a strong willingness to increase turnover, and the current trend has not been broken, which is still worth looking forward to.

The data has been updated, address: https://docs.google.com/spreadsheets/d/1E9awSVwrVOxKOiaMdYT5YZvfveeFd9ENU-iO6dVcGj0/edit?usp=sharing

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