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Negative factors gather! BTC hits 6W strong support level, is this the last chance to get on board before the bull market comes?

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Last night, Bitcoin fluctuated around $60,000 and fell below $59,000 after 12 AM on the 11th, reaching a low of $58,900, the lowest since 9.17.

Before a major BTC rally, it usually dips first, and the deeper the dip, the higher the future rally, just like the price movements after 3.12 and 5.19. Currently, it is in a consolidation or confusing phase for retail investors, and this pullback still provides an opportunity to buy the dips.

Market Analysis

Hawkish comments from multiple senior Fed officials, whale selling 800 BTCs, and CPI headwinds caused the panic sell-off. The good news is that the Mt. Gox BTC repayment has been postponed again to October 31, 2025. The market has been dumped in the early morning and rebounded in the daytime with lower volume. Those who hold short-term positions have had a hard time sleeping these two days. Last night, it set up a 4-hour bottom divergence, and ETH, SOL have decent gains currently.

BTC

The fake breakdown below $60,000 has been recovered. The decline from $66,450 shows an ABC 3-wave structure with a 4-hour bottom divergence, and there is a possibility of a bottom reversal anytime. If BTC can return to $61,200, ETH and altcoins may start to outperform.

ETH

The depth of the decline last night was smaller than BTC. The 4-hour bottom divergence is not suitable for shorting. MACD is about to have a golden cross, and the uptrend line has not been broken, so the outlook remains bullish. Before it breaks below $2,330, my trading strategy is to long at low levels.

SOL

Among the three major coins, SOL has the strongest rebound so far, forming a textbook bullish reversal pattern. It can be prioritized going forward. The hourly chart has broken above yesterday's high of $140.78, and after the early morning liquidation, the market is likely to reverse in the short term.

In the altcoin space, Ath has launched a $100 million ecosystem fund for gaming and AI, UNI has launched OP to build L2, Bigtime has launched on CB, and Wife is raising $300 million next week.

Resistance and support levels for this week:

BTC: Support: $58,888 (tested once, weak support), $58,250; Resistance: $60,300 (this morning), $60,800-$61,200.

ETH: Support: $2,330, $2,318; Resistance: $2,396, $2,420. Consider $2,282 if the daily rebound or close is below $2,372.

SOL: Support: $134.25-$131.65; Resistance: $139.50, $141.25. No need to re-short below $138 as it is easily trapped.

Key points:

1. The Fed is likely to cut rates, but it may be a bit slower than we expect.

2. Regardless of who wins the US election, it may be good for the crypto market, and of course, a Trump win would be even better.

3. If the FTX payout can be resolved quickly, it would be a windfall.

Some uncertainties to watch out for:

1. The US stock market looks like it's due for a correction, but it's unclear when it will happen.

2. The A-share market has risen a lot, but it's still in the early stage of a bull market and has potential.

3. The escalating geopolitical risks in the Middle East also need to be guarded against, as there is not much liquidity in the market, and any slight disturbance could cause a major turmoil.

Is this the last chance to get on board before the bull market arrives?

BTC has shown strong support at $59,000, and the big bull is about to begin. Now is the time to buy the dips! The current prices are just a trap, and it will bounce back in a couple of months.

1. The bottom is in, the opportunity is here! Everyone is in a wait-and-see mode, and the market sentiment is highly fearful. This is the perfect time for stage-wise buying!

2. Positive news is coming, the big bull market is not far away! Although the crypto market is quiet, there are undercurrents, and the next ignition point is just around the corner!

3. Dare to buy the dips, and you dare to eat the meat! When else will you get in if not now?

4. History always repeats itself in a surprising way! This time is no exception!

In summary:

Although the current market is in a wait-and-see mode with relatively low trading activity, the bottom characteristics are evident. For far-sighted investors, this is an excellent opportunity to position for the future.

As positive news continues to unfold, the market is expected to see a strong rebound.

Don't wait until $70,000 to panic and scramble to get on board. Instead, buy the dips now to lock in future wealth in advance!

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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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