The critical moment has arrived, the big one is coming
The market capitalization of Bitcoin (大饼) is currently close to 60% of the entire cryptocurrency market. According to historical patterns, whenever Bitcoin breaks this market cap ratio, the crypto market will undergo a correction, and altcoins may see some improvement, becoming either a catch-up or resistant to declines. The results of the election will gradually become clear in the next day or two. You must believe that $BTC will definitely reach new highs; even if the understanding king loses this time, it will not affect Bitcoin's long-term trend.
The exchange rate of $ETH to BTC has been declining, but the low points of the pullback are also rising. Patient partners can wait a bit longer. As for altcoins, they fundamentally still lack liquidity; funds have gone into ETFs and have not spilled over into altcoins. However, there are also more and more altcoins that are infinitely draining funds, leading to continuous unlocking and sell-offs after being listed. Therefore, this round of altcoin season has mostly turned to the MEME track, but it is also a passing trend. It is best to take profits and run, without being too ambitious. CZ also mentioned that this year is a year of recovery, and the bull market will be next year, so it is important to stay firm in your beliefs and not get left behind.
Today's market analysis shows that from the K-line perspective, Bitcoin is in a downtrend on the 1-hour level (MACD is about to golden cross, indicating it won't drop much further), downtrend on the 4-hour level (a lower shadow has formed; as long as it doesn't break the lowest point, it will bounce back), and downtrend on the 12-hour and daily levels. The intraday resistance is at 69,100, and the support is at 66,200 dollars.
