Author: Matrixport
In the past week, the market was 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-term pullback of the bears caused the BTC price to fall back, the upward momentum of BTC remains unabated. At 10 am 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 of the US stock market, and the increase in Trump's winning probability, BTC may hit a new high before the election. Of course, the disclosure of the election results may lead to profit-taking and 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 is in full swing, and their performance will directly affect market sentiment
Recently, the US stock market has performed well, and the market generally believes that the rise of US stocks is closely related to the rise of 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 of giants like 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 pegged price
On October 25th, Eastern Time, The Wall Street Journal reported that the US government was investigating Tether (USDT), and the news caused USDT to briefly break its peg 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 peg.
Trump's overall poll support rate has risen significantly, and his media technology company has surged more than 20%
With increased betting on Trump in the seven key swing states, Trump's overall poll support rate has risen significantly. The latest Polymarket data shows that Trump's predicted winning probability has reached 66.3%, while Harris is at 33.7%. The RCP poll data shows that the probabilities of Trump and Harris winning are 48.5% and 48.4% respectively. At the same time, on the 28th, Trump's media technology company under his leadership surged more than 20% at the market close. Many in the market are already preparing for a Trump victory, and the heat of cryptocurrency options has increased significantly.
BTC's candlestick chart shows bullish indicators, and analysts believe 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 recent downtrend 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 Deployment
Although the possibility of short-term fluctuations in BTC exists, analysts are generally optimistic about BTC's future development. With the further promotion of BTC ETFs and BTC becoming a mainstream choice for corporate investment allocation, the liquidity vortex effect of BTC may become more prominent.
In the current market, 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 detailed plans for cryptocurrency investment based on your own risk tolerance and financial planning, determining the ratio of stable returns and risk-return, while reasonably planning the investment in coin-based and gold-based appreciation.
Matrixport's Shark Fin or Trend Intelligent products are stable structured products. On the basis of cost protection, if the market trend judgment can obtain relatively good additional returns, they are suitable for investors who are long-term optimistic about the trends of 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 physical redemption services in Hong Kong and Singapore.
As a leading one-stop crypto financial services platform globally, Matrixport provides users with diversified asset management products, including dual-currency investment, snowball, shark fin, trend intelligent, 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 careful consideration of personal circumstances and consultation with financial professionals. Matrixport is not responsible for any investment decisions based on the information provided in this content.
