Today's market bulls are likely to be confused by the data of the net inflow of 896 million dollars into the fourth largest Bitcoin spot ETF in history. In 24 hours, the contract market was liquidated with a total of more than 150 million US dollars of leverage, of which longs accounted for more than 90%, and the panic sentiment of the high price of Bitcoin has intensified in the short term.
The trend logic of the big cake was quite clear yesterday. The short-term four-hour support is around 70,000 points. The surge in long contracts in a short period of time is the main reason for the acceleration of leverage in this round. The second is the linkage effect brought about by the correction of US stocks in the evening.
The US weekly jobless claims and September core PCE data showed some negative news. On the one hand, the data indirectly showed that the US employment situation was stable and the economy was recovering, but on the other hand, it showed that inflation was recurring. This made the Fed's economic policy more uncertain. The basic market performance of the swing was the flight of US stock funds out of the country.
As a result, the spot price of gold has reached a historical high, and the market's greed for gold is particularly evident today. Whether something has a certain attribute is not determined by words alone; whenever there are unstable factors in society, it can trigger a surge in gold prices. Bitcoin's safe-haven property is still developing, and its current market value is less than 7% of gold's market value. The road ahead is long and challenging, but full of hope.
Today also marks the 16th birthday of Bitcoin! In these 16 years, Bitcoin has undergone a dramatic transformation from non-existence to mainstream. The revolutionary concept was born from Satoshi Nakamoto's white paper in 2008, and today Bitcoin is thriving toward its goal of 'digital gold.' Thankfully, we have been on the path of trends developing in the web3 era.
BTC: Bitcoin has first moved towards the support level of 70,000. If it returns to the previous high after a massive leverage cleanup in the next couple of days, it will be a significant blow to short-term leveraged players. Currently, there are no obvious bears in the market, and the evening market has correlated with the U.S. stock market, with the overall support structure having already strengthened without a major drop. After a brief adjustment, we can expect it to rise.
ETH: Ethereum's rebound from a couple of days ago has risen above the zero axis, and the bullish trend has gradually established. In the short term, it has shown strength compared to Bitcoin during its correction, and after the downward movement, it is expected to rebound first.
Altcoin: Feel free to ask directly in the comments!
The panic and greed index is 77 today.
Finally, stay away from leverage and stock up on spot goods!#美国大选后行情预测 #比特币白皮书16周年 $BTC
