The crypto market has finally seen a glimmer of hope!
The BTC market has once again shown strong upward momentum, not only successfully breaking through the key resistance level of 68,700, but also quickly rising to over $70,000 in a short period of time, setting a new high in more than seven months.
Since the airdrop on October 26th, which was affected by the Israeli air strike on Iran and the FUD about Tether on Wall Street, it has not continued to decline, but has instead risen and oscillated sideways after the bulls pulled it up, which is a sign that the bears have surrendered.
The depletion of short-term liquidity has directly resulted in the market continuously rising and then constantly liquidating short positions, and a series of such actions will further drive the market upward.
In this round of upward movement, the active appearance of buy orders and the flow of funds into spot ETFs have shown signs of "October rise", which have injected positive signals into the market.
Although there was a slight pullback last week, I have said in my daily articles that unless there is new negative news, there is almost no possibility of a significant decline in the price of BTC, I wonder how many brothers have noticed it? In fact, I wouldn't be surprised if it breaks a new high soon.
Of course, after breaking through $70,000, the fear of heights may still cause:
As the price continues to rise, the market risk is also gradually accumulating. At this time, the selling pressure may increase. Especially when the price reaches the high point of 71,200-72,000, risk control should be paid special attention to, and blind chasing of highs should be avoided.
Macro level:
This week, a series of data will be released in the US:
On Wednesday, the US Q3 GDP will be released;
On Thursday, the inflation indicator favored by the Fed will be released;
On Friday, the October non-farm payroll report will be released;
The US October ISM manufacturing PMI, which is a barometer of the economic cycle, will also be released on Friday;
It can be said that the real risk this week starts from Wednesday and reaches a climax on Friday.
As for the much-anticipated non-farm employment data (previous value: 254,000; market expectation: 120,000):
The market's view on this data is not very good at the moment, although the unemployment rate is still expected to be 4.1%, non-farm employment is very likely to have a significant pullback, and the sentiment of economic recession may appear again.
Macroeconomic data will definitely affect the crypto market: So the best choice for everyone is to hold spot, stay away from contracts. The good or bad in the short term will not affect the trend, so there is nothing for spot holders to worry about, just a reminder for contract users.
Altcoin level:
With BTC breaking through 70,000, the focus is on Altcoins. If the upward momentum continues, the funds will return from the chain to the CEX, and then the Altcoins will collectively celebrate, the logic is very simple: you can't expect all retail investors to buy BTC. Funds will spill over, and the key is that the market sentiment will also spill over.
This round of ETH can be described as garbage, it has completely failed to keep up with the rhythm and trend, and is still stuck around 2,600 at the moment. ETH this round can't even be considered a runner-up, but after all, it's the second dragon, let's see if it can launch an independent market in the future to drive the Altcoin sector to rise in general!
In the spot market, since BTC has broken through 70,000 strongly, let's see if ETH can keep up and accumulate strength. As long as it picks up, the Altcoins will be able to recover.
The SOL ecosystem and MEME sector are still the key focus!
Now it is closely related to ETH's second-layer concept, and the relevant coins are currently at the bottom, and you can also build a small position in some of them. ETH is indeed very weak now, but it can't be ruled out that it can launch an independent market!
Believe in the power of time, market fluctuations will eventually return to rationality, and value assets will shine under the baptism of time. Therefore, maintain patience and confidence, and wait for the further development of the market and the emergence of opportunities.
That's it for the article, if you like it, please give me a follow and a like~
The new discussion group has been set up! Now we are preparing to reorganize the discussion group, as long as the market returns to the uptrend, there will be many opportunities for Altcoins to explode. If you want to join the group, please feel free to message me, I will add you one by one!
Creating a crypto welfare group! (I plan to find some low-cap coins with news catalysts in the near future to help everyone recover, as the Altcoin season is about to come, I will help everyone seize the opportunity to double the Altcoins! The next crypto I will announce in the welfare group!!)
Number of people: Temporarily limited to 50, mainly spot
Also, we have a VIP paid group (spot) for those who want to join the VIP group! Feel free to add me to learn more!
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