BTC has been fluctuating and adjusting after testing the historical high point in the early morning yesterday. After the US stock market closed in the early morning today, it tried to return to the 73,000 position again, and the current BTC price is around 72,400. Excluding the impact of news, BTC's fluctuation range today is between 71,000 and 73,500, mainly with fluctuations.
It has returned to the fluctuating period of the market, and the overall situation has not seen too much volatility.
ETH had a surge in the afternoon yesterday, breaking through 2,700, but it did not stabilize and fell back! ETH is too weak compared to BTC this round, the car is too heavy, and the consensus is also getting lower and lower.
The inflow of funds into the BTC ETF and the future fundraising of more than $42 billion by Microstrategy to purchase BTC are enough to show everyone's optimism about BTC. For retail holders, the only way to truly earn wealth is to be patient and steadfast in long-term holding.
BTC had a slight correction yesterday, and from the current market response and trend, the bears have completely surrendered, and the rest is up to time. It is estimated that a new high will be reached this week, and whether it can be realized remains to be seen.
From the data of BTC itself, it continues to hover around $72,000, which may not necessarily be a bad thing:
The current turnover is still provided by short-term profit-taking investors, and there is no sign of large-scale withdrawal of early investors. This fear of high prices only occurred in short-term investors.
This has greatly reduced the pressure on BTC prices, but due to the rapid price increase, the holding cost of investors with positions below $70,000 has not been fully washed out, and the turnover rate in the past 48 hours has been relatively high. That's why I said it might not be a bad thing to continue hovering around $72,000.
The support between $64,000 and $69,000 is still very good, and there has been no large-scale collapse. The ones who have withdrawn are mainly short-term investors, which provides good conditions for BTC to continue to rise, but the non-farm data on Friday is coming up next.
It is normal for BTC to encounter resistance near the previous high in the short term:
It's similar to the time when it was around $70,000. Key resistance levels generally won't be broken through in one go. Here, it may pull back to around $70,000 in the short term and then break through upwards.
Risks for November need to be emphasized:
Although everyone predicts that Trump will win, this is just a judgment and cannot be 100% certain, so necessary cash reserves are still needed in case of emergencies, and there is still money to increase positions.
After BTC breaks through the historical high, it is highly likely to start the main upward wave, so whenever there is a pullback, it is an opportunity for you to enter the market in batches!
Where are the opportunities for altcoins to enter the market?
Altcoins have been very weak, with an overall secondary market that is very dilapidated. The coins that have seen gains are some small coins, which generally see a wave of rises and then corrections, without sustained capital inflows. In other words, a comprehensive altcoin market has not yet arrived.
As I said before, only after BTC successfully breaks through will it inject strong confidence into the market, otherwise it will be difficult in the short term. Persist, what is meant to come will come.
Can we still believe in the outbreak of altcoins?
1. At least BTC breaks through a new high, and ETH can effectively stand above $2,820, the market sentiment will pick up, and the retail investors will be more interested in tokens with lower prices. This is when altcoins may usher in an outbreak.
2. This round of altcoins is unlikely to see as many 100x or 1000x coins as the previous round. This round, the BTC ETF is attracting a lot of capital, which is not unreasonable to say is the bull of BTC.
3. When operating altcoins, you must manage your position well and avoid too much emotion. You are here to make money!
