Yesterday (10th), the price of Bitcoin retreated to the 60,000 level and then began to fluctuate in a narrow range, but it continued to fluctuate and fall overnight, reaching a low of 58,900 US dollars at 2 o'clock, the lowest since September 17. However, Bitcoin then started to rebound rapidly, and the current price is 60,881 US dollars, and the decline in the past 24 hours has narrowed to 0.74%. Does this mean that the main force has obtained liquidity?
Currently, Bitcoin has fallen back to $60,000 for the fourth time on the daily chart, and there is no clear sign of a stop in the decline among bears.
It is worth mentioning that although it looks very dangerous, if you look closely: the bears are not as strong as the previous three times.
On the contrary, the three rises by the bulls all broke the previous high point, which is enough to show that after the market plummeted on August 5, the bulls began to gradually recover.
At present, Bitcoin is still fluctuating here. Although the price has not broken the previous high, it has once fallen below $50,000, but it has quickly recovered. Overall, although the trend of Bitcoin gives him a very dangerous feeling, combined with the overall trend, Btc is still in a bull market.
Why did Bitcoin rebound so quickly after a rapid drop?
The CPI data released by the Federal Reserve last night showed that the annual rate of US unadjusted CPI in September was 2.4%, which was lower than 2.5% in August, but slightly higher than the market expectation of 2.3%.
The number of first-time unemployment claims in the United States last week was 258,000, an increase of 33,000 from the previous week, which was also higher than the market expectation of 230,000.
As inflation remains stubborn and the labor force is relatively weak, Bitcoin has suffered losses, fluctuating sharply and falling rapidly, falling below $59,000 at one point.
Let’s talk about the subsequent market:
Despite this, I am still optimistic about the future market! This market is very good, the general trend has not changed, and the longer the current shock lasts, the more valuable coins will soar!
Institutional Investment and the US Election
The US presidential election in November is also an important factor affecting the market. Institutional investors may pay more attention to the cryptocurrency market in the future, hoping to take advantage of market fluctuations after the election results are released.
Historically, the market reaction in the fourth quarter is generally neutral to positive. Even if there is selling pressure after the election, institutional investors may enter the market because they are optimistic about the upside potential of cryptocurrencies.
Overall, as the election approaches, the outlook for the cryptocurrency market remains optimistic, especially at the regulatory level.
If this round of BTC stands firm on MA120, it will usher in a major uptrend
The Federal Reserve's shift to loose monetary policy in September and the recent macroeconomic stimulus policies may take months to fully manifest their impact on market liquidity. If this round of BTC stands firm at MA120, and the U.S. quickly cuts interest rates, it will be the right time, right place, and right people. Then there will be a major uptrend, which will last for about 3-6 months.
Whether it is the US stock market, Hong Kong stock market or A-share market, they are actually just driven by the expectation of this wave of interest rate cuts.
There will be a conduction effect later. If everyone enters a large-scale and long-term adjustment, it may be difficult for circle B to not follow for a long time.
Therefore, we still need to pay attention to risks in the second half. There are too many uncertainties in the altcoin market, and the only thing we can believe in in the long run is BTC.
In fact, it is still the same sentence as yesterday. Although the crypto market is facing short-term fluctuations, the overall outlook of the market is still optimistic in the medium and long term. We can expect that the current adjustment is more of a market clean-up behavior, the goal is to clean up short-term speculative funds and accumulate strength for the next round of increases.
The general trend has not changed. The long-term trend is definitely bullish. The short-term market may be affected by panic. Even if it falls, it will not fall much. At most, it will be a pin. Short-term investors should be on guard against callbacks. If you enter at a high position, you should set a stop loss. Don't chase high too aggressively, but don't get off the car easily if you enter at a low position.
What coins are suitable for ambush right now?
HIM
Uniswap (UNI) has seen strong price gains recently, while many other major cryptocurrencies have seen declines. The recent price action reflects growing excitement about a potential breakout, suggesting that UNI could soon see further gains. Another important factor driving this rally is the increase in activity within the Uniswap ecosystem.
recently expressed a highly bullish outlook on UNI, saying that the token is on the verge of a major breakout. It has bounced off daily and weekly support levels, showing resilience in price action. The analyst also praised the Uniswap ecosystem, calling it one of the strongest in the crypto space and noting its rapid expansion. With this momentum, UNI could even rank among the top five cryptocurrencies in the current market cycle.
On the chart, UNI/USDT is attempting to break out of a descending resistance line that has been weighing down prices for some time. This breakout is a solid bullish indicator that supports the view that UNI will surge higher. UNI has been finding support in the $6.00 to $6.50 range, showing strong buying interest. This area has formed a double bottom and triple bottom pattern, reinforcing its importance as a support level.
Currently, UNI is testing the critical resistance level of $8.5, with bullish momentum driving prices higher. Today's 7.4% price increase shows growing interest, and a pullback to the 7.5 to 8.0 range would be a good opportunity, with the current upside target now within reach. In addition, Uniswap Labs is preparing for Uniday at Devcon on November 11, which will feature speeches from community members, developer demos, and DeFi innovation workshops. This event highlights the strong community support and growth in the Uniswap ecosystem.
EVEN
Celo (CELO) stands out for its focus on making crypto accessible to users in emerging markets, especially through mobile technology. The platform allows people to send and receive funds using only a phone number, lowering the barrier to entry for crypto newbies. Celo also supports stablecoins, helping to protect users from market volatility. As mobile technology expands around the world, Celo's focus on accessibility creates an excellent opportunity to increase cryptocurrency adoption. Its commitment to financial inclusion is particularly noteworthy.
Celo’s transition to a second layer (L2) solution for Ethereum (ETH) has boosted stablecoin activity on the platform. According to Artemis data, Celo has now surpassed Tron (TRX) in terms of daily active addresses associated with stablecoin usage. It has also surpassed networks such as Solana (SOL), The Open Network (TON), and BNB Chain in this category, highlighting its growing presence.
In recent trading, Celo has performed well, starting from a low of $0.6945 and hitting a 24-hour high of $0.7471. As of writing, its price is $0.7337, an increase of 9.55%. This shows an increase in buying activity and positive market sentiment.
Celo is trading 40.52% above its 200-day simple moving average (SMA) of $0.524995. The stock has trended up 19 of the past 30 days, accounting for 63% of the period, and technical indicators show a positive outlook as of October 6, 2024. If Celo maintains its current momentum, more upside could occur, but traders should be cautious and manage risk when making decisions.
