With the arrival of election week, global financial markets are preparing. As Bitcoin (BTC) failed to hold the critical $70,000 price level according to the fluctuating U.S. prediction market, the cumulative digital asset market saw a slight decline.
As we enter election day, financial markets are preparing for high uncertainty. Historically, the return rates before and after elections vary significantly, and options traders in stocks, bonds, currencies, and cryptocurrencies are preparing for potential turmoil.
In October, although actual market volatility remains stable, stock options volatility has increased. This rise reflects expectations around the intense competition between Kamala Harris and Donald Trump, earnings season, and the upcoming Federal Reserve interest rate decision, which we discussed earlier this morning when analyzing Bitcoin.
Are you ready for the prosperity after the election?
Cryptocurrency options trading displays hedging strategies before the election. Short-term bearish volatility has risen sharply, while bullish options remain stable, indicating caution. Despite short-term caution, long-term indicators like Bitcoin futures on the Chicago Mercantile Exchange suggest a bullish outlook post-election. Traders expect potential interest rate cuts and crypto-friendly policy changes in 2025 (simply put, regardless of the situation, it will only bring short-term volatility but will not affect the trend's rise).
The cryptocurrency market is preparing for the most volatile week, but this rebound may continue. History shows that a real bull market begins after elections, and who wins the election may not affect Bitcoin's price surge in the future.
Coinglass data shows that Bitcoin futures open interest (OI) increased by 0.65% in the last 24 hours, reaching $39.81 billion. Bitcoin's price has risen over 10% in the last 30 days, peaking at $73,000. Meanwhile, ongoing stagnation has brought it down to the $68,700 region.
Without further ado, let's directly dive into today's topic.
BTC market analysis:
BTC daily chart shows a long lower shadow, with a minimum washout down to 67500 before rebounding, closing above 68500 which is just above the previous trend line. If the four-hour level does not break, we can consider entering long positions around 68000-68500. This position is an important dividing line we often mention.
News: This month's news is abundant, coupled with the upcoming elections and the interest rate cut data on the 7th, these are both important events for the market, along with some earnings reports this month. So, brothers, seize the opportunity.
Market situation: We are still focusing on 67500-67685 below. This position we already discussed a couple of days ago, and it dropped below 67500 yesterday, proving our previous judgment was basically correct. To maintain healthy short-term growth, we need to effectively stand above 69460.
Upper focus: 71000-71500
About altcoins
1.#PEPE Current price around 0.0{5}81, truly the Meme king of this bull market, performing very well. You can enter in batches around 0.0{5}8-0.0{5}7.
2.#ORDI Current price around 31.2, as a leading consensus in inscriptions, it has a high recognition. The previous low was $20; buy more if it drops to around $20. The Bitcoin ecosystem is likely to enter a third wave soon, buying the leader is definitely a good choice.
3.#BOME Current price around 0.0072, as the top meme on the SOL chain, it hasn't traded much since launch. Once the market makers accumulate enough chips, I believe it will perform well. Recently, it showed signs of a dark horse; you can enter at current prices, in batches around 0.007, 0.0065, and 0.005.
4.#ONDO Current price around 0.61, as the leader in the RWA track, it's worth having. You can enter in batches around 0.6 and 0.5.
