BTC has been fluctuating and adjusting since it tested the historical high point early yesterday morning. After the U.S. stock market closed early today, it tested 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 focusing on oscillation.
We have returned to a period of market oscillation, and the overall market has not seen significant volatility.
ETH surged in the afternoon yesterday, breaking through 2,700 but failed to hold and has since pulled back! ETH is much weaker than BTC this round, too heavy, and the consensus is getting lower.
The inflow of funds into Bitcoin ETFs and MicroStrategy's future plan to raise over 42 billion USD to purchase Bitcoin are enough to demonstrate the optimism towards Bitcoin. For retail holders, the only option is to patiently and firmly hold long-term to earn real wealth.
Bitcoin had a slight pullback yesterday. From the current market response and trend, the bears have completely surrendered, and the rest is left to time. It is estimated that a new high will be reached this week; let's see if it can be achieved.
From BTC's own data, it continues to hover around 72,000 USD, and this may not be a bad thing:
The current turnover is still provided by short-term profit investors, and there are no signs of early investors exiting on a large scale. The fear of heights this time has only occurred among short-term investors.
This reduces the pressure on BTC prices significantly, but due to the rapid price increase, investors with positions below 70,000 USD have not fully washed out, and the turnover rate in the last 48 hours has been relatively high. So I say that being able to sustain around 72,000 USD may not be a bad thing.
Currently, the support between 64,000 USD and 69,000 USD is still very good, and there has been no large-scale collapse. The ones exiting are still mainly short-term investors, which provides good conditions for BTC to continue rising. However, the upcoming focus is on Friday's non-farm payroll data.
It is normal for Bitcoin to encounter resistance near previous highs:
This is similar to what happened at 70,000; key resistance levels generally do not break through all at once. Here, it may pull back to 70,000 before breaking upwards again.
Regarding November, risks still need to be taken seriously:
Although everyone predicts that Trump will win, this is just a prediction and cannot be 100% certain. Therefore, necessary cash reserves should still be maintained, just in case, and having money available for additional purchases is wise.
After Bitcoin breaks through the historical high in the next wave, it is highly likely to start a major upward trend. So, as long as there is a pullback now, it is your opportunity to enter in batches!
Where are the opportunities for altcoins?
Altcoins have been very weak, and the overall secondary market is quite poor. The coins that have seen price increases are mostly small coins, which generally rise for a bit and then pull back, making it difficult for funds to sustain. In other words, a comprehensive altcoin market has not yet arrived.
I have said before that only after Bitcoin successfully breaks through will it inject strong confidence into the market; otherwise, it will still be quite difficult in the short term. Hang in there; what is meant to come will eventually come.
Can we still believe in the explosion of altcoins?
1. At least BTC needs to break new highs, and ETH must effectively stay above 2,820 USD. When market sentiment rises, retail investors will prefer lower-priced tokens, and at that time, altcoins may experience a surge.
2. This round of altcoins is unlikely to produce many hundredfold or thousandfold coins like the last round. Currently, Bitcoin's ETF is attracting a lot of capital, and saying that BTC is bullish is not without reason.
3. When operating with altcoins, you must manage your positions well and avoid getting too emotional; you are here to make money!
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