Cryptocurrency markets were currently trending upward throughout September, but experienced a pullback at the end of the month. With the exception of a few tokens, most currencies have experienced ups and downs and oscillations in recent times. In the volatile market, it is undoubtedly difficult for many investors to predict where the crypto will go in the future.
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ToggleCryptocurrency Market Fundamentals for October
Perhaps the biggest potential bullish factor for the cryptocurrency market right now is the approaching U.S. presidential election.
From a political perspective, in order for the current ruling Democratic Party in the United States to continue to elect the next U.S. president for its candidate, the current U.S. government will take measures to release water to a certain extent. Once there is a sharp decline in the financial market, it is very likely that the U.S. The government will take protective measures to maintain the relative stability of the financial market. Because if there is a sharp decline, it will undoubtedly be extremely detrimental to the election of the Democratic Party in the United States. On the other hand, if Kamala Harris is finally elected, in order to create a new world situation, the United States may also carry out certain water release operations to inject liquidity into the financial market, which will be beneficial to the price of cryptocurrency.
Even if in the short term the U.S. government may take measures to respond to the election situation, at the same time, there are also potential negative factors in the cryptocurrency market.
Although the Federal Reserve has begun to cut interest rates, Fed Chairman Powell also said that it will not be in a hurry to cut interest rates excessively this year, which may affect market liquidity. Judging from past experience, if the United States wants to cut interest rates quickly in the short term, there will often be a sharp decline in the financial market first, triggering panic. Only in this way can the Federal Reserve have a legitimate reason to cut interest rates quickly. Therefore, although everyone knows that the United States will start to release water sooner or later, there may still be a sharp decline in the financial market before the release of water occurs. By then, voices such as the latest poor data or the fact that the U.S. economy has actually entered a recession may appear in the market, triggering a sharp decline.
Therefore, based on the fundamentals, the recent cryptocurrency market has not seen a market suitable for long-term holding of tokens, and there are only short-term trading opportunities.
Bitcoin price: $60k will be an important short-term support level
Since Microstrategy previously purchased approximately 11,931 Bitcoins at a price of approximately $60k in September, this operation was tantamount to a public call for orders. Therefore, an interesting phenomenon has appeared in the market in the past few days. Whenever the price of Bitcoin fluctuates downward, once the price approaches $60k or falls below $60k, funds will immediately enter the market to buy, thus causing the price of Bitcoin to hit bottom.
However, as mentioned above, the crypto market still lacks a grand narrative that can trigger a surge, so it may be difficult for Bitcoin prices to rise above the $65k level in the short term. In the short term, the Bitcoin market may fluctuate between $60k and $65k in the short term.
As for other popular cryptocurrencies, the short-term trends of Ethereum price and Solana price lack relatively obvious support, so the amplitude of the shock may be greater than that of Bitcoin. As for SUI, the price of SUI has continued to rise recently. From the market point of view, it is more likely that market makers are controlling and pulling the market. Therefore, when many cryptocurrencies are falling, SUI can actually experience a larger price increase. Uptrend.
About BingX
Founded in 2018, BingX is the world's leading cryptocurrency exchange, providing diversified products and services such as spot, derivatives, documentary and asset management to more than 10 million users around the world. It also regularly provides mainstream currencies in response to the market. Such as Bitcoin price and Ethereum price analysis tools to meet the needs of different levels from novices to professionals. BingX is committed to providing a trustworthy platform that empowers users with innovative tools and features to enhance their trading capabilities. In 2024, BingX proudly becomes a Principal Partner of Chelsea Football Club, marking its exciting debut in the world of sports.
The content of this article is officially provided and does not represent the position or investment advice of this site. Readers must make their own prudent assessments.
