Bitcoin bulls face resistance, leverage affects price rebound 🚀🚀🚀
The strategy we talked about a few hours ago, if you have already got on board, you have already made hundreds of points! Great! At present, the first profit target is the previous high, and the second profit target is around 65,000. The next operation is to hold on to the profit, keep an eye on these two points, take steady steps, don't be impulsive, and wait to harvest the profit!
This week, Bitcoin tried to break through 64,000, but high leverage made the rise full of uncertainty. Although the price rose to 63,975, this may be a false rebound driven by leverage and may fall back at any time.
On-chain data shows that long-term holders reduced their risks this month and began to take profits. Short-term holders also face higher risks, with rising leverage levels, increased open contracts, and increased market volatility.
Key economic data is about to be released
This week, the US September CPI, PPI and other important economic data will be released, and the market is closely watching the Fed's monetary policy trends. The strong employment data has weakened the market's expectations for the Fed's interest rate cuts, and it is currently expected to cut interest rates by 0.25% in November.
Changes in long-term and short-term holders
The data shows that long-term holders reduced their positions this month, possibly taking profits. At the same time, short-term holders are taking more risks and their leverage levels are rising, indicating that they are taking advantage of market fluctuations to seek profits.
Optimistic outlook: Uptober is still promising
Although there is volatility risk, there is still a chance for an increase in late October, and Bitcoin may usher in a new opportunity for an increase after the market adjustment.
