The U.S. job market will further cool down, and traders are betting on the probability of a rate cut by the Federal Reserve next month. According to CME's 'FedWatch', the probability of a 25 basis point rate cut in November is 98.8%. It can be basically confirmed that there will definitely be a rate cut next month. The Nasdaq index and gold prices are also continuing to set historical highs.
This week, ceasefire negotiations in the Middle East continue, and Israel is currently trying to resolve the Lebanon issue through diplomatic means. As the flames of war subside, the price of Bitcoin has also reached near historical highs today, with a peak price of around 73,620 USD, just 150 USD away from its historical peak.
Overnight, stablecoins have experienced four consecutive issuances, with a total value of approximately 1.24 billion USD. However, there are currently no signs that these newly issued stablecoins are flowing into exchanges. Therefore, today, attention should be paid to changes in the mainstream market, as it is likely that traders are waiting for the market to retrace before choosing to enter, while Bitcoin's price has not broken through its historical high, which has led many profit-takers to exit at this position.
From the four-hour level, the highest price has reached around 73,620 USD, with short-term support at 66,913. This is the lowest point where the current four-hour K-line has remained above the moving average. According to Fibonacci retracement lines, due to the current market being a strong bullish trend, the 0.618 (71,058) and 0.382 (69,475) positions during the upward phase could be short-term support levels. However, it is currently unclear how many waves this trend will decline. Therefore, until the price breaks today's new high, the short-term trend will be considered a pullback. If the market cannot sustain a rebound, short-term attention should be paid to the 69,475 position. As long as the low point of this trend at 66,913 is not broken, the current market can be seen as a pullback adjustment. The overall trend is still bullish.
The nominal value of 2.246 billion USD in BTC and $ETH options will expire and be delivered on Friday, with the maximum pain point for BTC at 68,000 USD and for ETH at 2,550 USD. Ethereum's performance is far behind Bitcoin. As more and more funds enter the market, there is little time left for bears to manipulate.
Currently, 51 million people have participated in the U.S. presidential election voting, which is equivalent to 32% of all ballots in the 2020 U.S. election. Currently, Trump's approval rating has reached 66.5%, leading significantly over Harris.
From now on, every market pullback is an opportunity for you to enter, so everyone must cherish it. Since the beginning of last year, the old dog has been announcing the start of a bull market, and now before the peak bull market arrives, the old dog will also announce it again at the end of each article. If you are currently in cash, make sure to buy the coins you like; if you are fully invested, then hold steady and prepare to take off and get rich~
