BTC market dynamics and potential altcoins suitable for buying now!
Recently, the Bitcoin (BTC) market has shown an upward recovery trend for five consecutive days. However, with the expected interest rate cut by the Federal Reserve this month approaching, market sentiment has become complex and subtle. Historical data shows that BTC often shows a downward trend after the Federal Reserve cuts interest rates. This phenomenon of "good news is bad news" cannot be ignored. Although this interest rate cut may only be a small adjustment (25-50 basis points), the actual interest rate remains at a high level, and liquidity growth may be less than expected.
The linkage effect between US stocks and BTC
It is worth noting that the recent trend of BTC after the opening of the US stock market shows a pattern of first suppression and then rise, which to a certain extent reflects the fluctuation of market sentiment and the reconfiguration of funds. However, as Friday approaches, the market is worried about the reappearance of "Black Friday", and Fridays in the past two weeks have fallen, making today's trend more eye-catching. From a technical point of view, BTC is under downward pressure in the short term, but the long-term upward trend has not changed.
Opportunities for ETH and altcoins
For Ethereum (ETH), its short-term technical indicators show health and are expected to continue to rise during the day, but investors need to wait patiently for clear signals. In addition, the altcoins in the market also show different vitality, such as CKB's rapid rise due to the news of its launch, the rise in the popularity of RGB++, and Luna's traditional strong performance during the Mid-Autumn Festival. These phenomena show that in the bull market, altcoins also have great potential for growth.
Potential altcoin recommendation
1.ONDO: A project based on Ethereum, if major updates are listed, it is expected to retest the upper limit resistance. Despite the regulatory risks, the growth of the DeFi ecosystem will bring long-term benefits to it.
2.PEPE: Currently consolidating in a symmetrical triangle, bulls are ready to go, and it is expected to break through the resistance level to start the upward trend.
3.PEOPLE: As a MEME concept coin, the price fluctuates greatly but is loved by investors. Although the recent trend is not satisfactory, the characteristics of strong market makers are obvious, and the dark horse style may reappear in the future.
4.OP: It showed resistance to the decline when BTC and ETH plummeted, showing strong buying power. It has broken through the supply line suppression, and the upward trend can be expected.
Today's analysis ends here. If you want more currency recommendations, check my pinned article and find me!
