Bitcoin's performance shows signs of a rebound in the market. On October 4, Bitcoin rebounded near the 50-day simple moving average, with prices fluctuating between $60,000 and $62,500, indicating that investors are actively buying at lower prices. Despite the slightly weak performance in early October, market analysts still expect improvement in the coming weeks. In particular, the Federal Reserve may cut interest rates by 25 basis points at its November meeting, which is good news for Bitcoin and the cryptocurrency market and may boost the market's risk appetite.
In addition to the positive news about the macro economy, the holdings of Bitcoin in centralized exchanges are also decreasing. The number of Bitcoins currently held is the lowest since 2018. This reduction in liquidity usually has a positive impact on prices, further boosting the market's recovery.
From a technical perspective, if Bitcoin can currently stabilize above the 20-day moving average, it may quickly rise to $66,500 or even $70,000.
Not only Bitcoin, but other mainstream currencies such as Aptos and Fantom also performed strongly. Aptos recently broke through the technical pattern and is expected to hit the target price of $11 in the short term, while Fantom has a chance to rise further to $0.83 or even $0.93 if it can hold the 20-day moving average support after breaking through $0.55.
Cryptocurrencies such as Dogwifhat and Bitget Token have also shown signs of recovery, and their price patterns and technical indicators point to potential upside.
The current market environment and technical aspects suggest that the cryptocurrency market may usher in a new round of upward cycle, especially driven by factors such as the expectation of the Fed's rate cut and reduced liquidity. $BTC