There is a ray of hope for the Bitcoin market! On Monday, the daily chart successfully broke through the 200-day exponential moving average, the bull support band, and the long-term descending channel, which are positive signals that the market may usher in a new turn.

This breakout is similar to the low near $30,000 in October 2023, which seems to indicate that the broader uptrend is regaining market dominance. If this rally can be sustained, the price of Bitcoin is expected to challenge and break the all-time high of $73,000 again.

However, traders should remain calm and cautious while being optimistic. Although the breakout on the daily chart provides the possibility of a rebound to new highs, bulls have not been able to gain a firm foothold above $70,000 since March, and this level may become a strong resistance to the upward trend.

The core of market analysis is to focus on price action and trend changes rather than time factors. Traders should pay close attention to the possible invalid bullish signals on the daily chart, which may indicate that the price will fall back into the descending channel. As shown in late September, failed breakouts are often accompanied by further declines in prices. Therefore, traders should be more cautious in making decisions to cope with potential market risks. $BTC $ETH #美国大选如何影响加密产业？ #特斯拉转移比特币 #Canary提交莱特币ETF申请 #SUI走势分析 #美股财报季来袭