Over the past week, the market has been fluctuating in the range of $65,000 - $69,000. On the 28th, BTC started to rise from the support level of $67,600 and broke through $70,000 in the early morning of the 29th. Although the short-selling counterattack caused the BTC price to fall back in the short term, the upward momentum of BTC has not diminished. At 10 a.m. on the 29th, the BTC price reached a high of $71,587, with a 24-hour increase of 5.6%. As of the release of this article, the BTC price is fluctuating around $71,000 (the above data is from Binance spot, 3:00 PM on October 29).
Based on the intensified FOMO sentiment in the market, the rise in US stocks, and the increase in Trump's chances of winning, BTC may hit a new high before the election. Of course, the disclosure of the election results may lead to profit-taking, which may put some pressure on the BTC price, but regardless of the election results, the probability of BTC hitting a new high is relatively high in the current context.
Market Review
A big week for macroeconomic data, a series of key data may affect the subsequent development of multiple markets
This week is a big week for macroeconomic data, with a series of key data to be released, including the JOLTS job openings report on Tuesday, the Bank of Japan's interest rate decision and the preliminary Q3 US real GDP annualized quarterly rate on Wednesday, the core PCE price index on Thursday, and the non-farm payroll data on Friday. Investors are advised to closely monitor macroeconomic data and adjust their portfolios in a timely manner.
The earnings season of tech giants enters a climax, with performance directly affecting market sentiment
Recently, the US stock market has performed well, and the market generally believes that the rise in US stocks is closely related to the rise in BTC. On the 28th, the three major US stock indexes all closed higher, with the S&P 500 index, the Dow Jones index, and the Nasdaq index rising 0.35%, 0.72%, and 0.37% respectively. The earnings season of US tech giants will also enter a climax, and the performance disclosure of giants such as Alphabet, Microsoft, Meta, Amazon, and Apple may directly affect market sentiment.
Tether responds to the Wall Street Journal report, and USDT price returns to the anchored price
On the evening of the 25th, Eastern Time, The Wall Street Journal reported that the US government was investigating Tether (USDT), and the news caused USDT to briefly break below the anchored price and put pressure on the entire cryptocurrency market. From the 26th to the present, the Tether CEO has responded and denied this report. Since there has been no further confirmation over the weekend, the USDT price has also returned to a slightly lower level than the anchored price.
Trump's overall approval rating has risen significantly, and his media technology company has risen by more than 20%
As the seven key swing states in the US have increased their bets on Trump, Trump's overall approval rating has risen significantly. The latest data from Polymarket shows that Trump's predicted winning probability has reached 66.3%, while Harris is at 33.7%. RCP poll data shows that Trump and Harris have a probability of 48.5% and 48.4% respectively to win. At the same time, on the 28th, Trump's media technology company under his leadership rose by more than 20% at the market close. Many in the market are already preparing for Trump's re-election, and the heat of cryptocurrency options has increased significantly.
BTC's candlestick chart shows bullish indicators, and analysts believe that the BTC price has returned to an upward channel
TradingView technical chart analyst TradingShot said, "BTC broke out of its 7-month bearish megaphone pattern last week" and "BTC has regained the important support of the 50-week moving average." This means that Bitcoin has successfully emerged from the downward trend of the past period and is expected to start a new upward cycle. Historical data shows that BTC's price is often affected by the 50-week moving average. Over the past period, the 50-week moving average has often served as a support for Bitcoin's price.
At the same time, a golden cross has appeared on BTC's weekly chart. The golden cross is generally seen as a bullish signal, indicating that the price may experience a significant upward trend in the future.
Suggested Allocation
Although the possibility of short-term fluctuations in BTC exists, analysts generally have a positive outlook on BTC's future development. As the development of BTC ETFs further promotes the mass adoption of BTC, and BTC gradually becomes a mainstream choice for corporate investment allocation, the liquidity vortex effect of BTC may further emerge.
In the current market situation, investors can try to cover multiple assets to reduce the impact of black swan events, and the satellite strategy may be a good choice. For example, comprehensively plan the asset allocation of cryptocurrencies and traditional safe-haven assets (gold), and then make a detailed plan for cryptocurrency investment based on your own risk tolerance and financial planning, determine the ratio of stable returns and risk-return, and reasonably plan the investment in coin-based and gold-based appreciation.
Matrixport's Shark Fin or Trend Seeker products are stable structured products. On the basis of cost protection, if the market trend is judged to be relatively good, investors can obtain relatively good additional returns, which is suitable for investors who are long-term bullish on BTC and ETH. Matrixport's RWA platform Matrixdock has also recently launched the gold token XAUm, which is fully backed by LBMA standard physical gold bars with a purity of not less than 99.99%, and has opened up physical redemption services in Hong Kong and Singapore.
As a leading one-stop crypto financial services platform, Matrixport provides users with a variety of asset management products, including dual-currency investment, snowball, shark fin, trend seeker, seagull, and other structured products; quantitative strategies, passive strategies and other investment strategies. The above products support multi-currency investment and a wide range of investment cycles.
Disclaimer: The above content does not constitute investment advice, sales offer or purchase offer invitation to residents of Hong Kong Special Administrative Region, the United States, Singapore and other countries or regions where such offers or offer invitations may be prohibited by law. Digital asset trading may have great risks and volatility. Investment decisions should be made after carefully considering personal circumstances and consulting financial professionals. Matrixport is not responsible for any investment decisions based on the information provided in this content.
