⚡️Let’s be frank, it fell to 60,500 today and I bought some more!

October has always been a key month and a key turning point for Bitcoin prices.

The market started to pick up in October last year. October was magical, with market sentiment swinging between optimism and pessimism, but most of the time, the market always seemed to find reasons to rise.

At present, it is clear that market sentiment has begun to swing between optimism and pessimism.

My choice is to keep buying:

Macroeconomic factors:

The Fed’s meeting minutes and inflation data will have a significant impact on the market. If the inflation data is lower than expected, it may trigger expectations of rate cuts, which will be good for risk assets, including Bitcoin.

ETF and Institutional Investor Dynamics:

Although the approval of Bitcoin ETFs has brought a lot of funds, recent data shows that the inflow of funds into ETFs has been intermittent, and there has even been a net outflow. This may reflect the current shift in market sentiment, and investors seem to be waiting for clearer signals or more favorable entry points.

Market Sentiment and Technical Analysis:

From a technical perspective, after experiencing wide fluctuations for half a year, the current price of Bitcoin is at the support level of $60,500. This level may become the focus of contention between bulls and bears.

Political and social factors:

Although not mentioned directly, Elon Musk’s post shows concerns about the current political environment, which may affect investors’ risk appetite and indirectly affect the price of Bitcoin.