Bitcoin Approaches Key Support, Focus on Tonight's Non-Farm Data!

This wave of pullback has been intense, with Bitcoin's price fluctuating frequently recently. Multiple indicators show that it is approaching the bottom range, but the market remains full of uncertainty. Below is a summary of key market points and the short-term opportunities that tonight's non-farm data may bring.

Bitcoin Key Support and Resistance Levels

From various analyses, the current lower support for Bitcoin has gradually become clear, with strong support in the $68,000-$69,500 range, and extreme support at $68,600. For short-term operations, resistance levels are near $71,400, $71,900, and $72,400. If market sentiment remains pessimistic, the price may continue to oscillate within this range, with brief spikes, and investors should be cautious of extreme fluctuations.

Ethereum: Short-Term Pressure

Compared to Bitcoin, Ethereum has been relatively weak in this round of market performance, currently having pulled back to the $2,490 support level. Although technically its bottom support is at $2,435, if the market experiences another wave of selling, Ethereum may continue to decline. Currently, Ethereum's performance in this bull market is underwhelming, with its position being challenged.

Impact of Macroeconomic Data

The recently released September core PCE data has brought greater uncertainty to the market. The data shows that core inflation is rising, further weakening market expectations for a rate cut in November, and may even lead the Federal Reserve to pause rate cuts. Meanwhile, all three major U.S. stock indices have declined, adding further pressure on Bitcoin.

The non-farm data set to be released at 20:30 today will serve as a catalyst for short-term market fluctuations. If the daytime market continues to decline, and the evening's non-farm data is not overly negative, it may trigger a bullish divergence signal in technical indicators, creating a short-term rebound opportunity. In this scenario, Bitcoin may experience a V-shaped reversal, and short-term investors can pay attention to changes in technical patterns on 30-minute or hourly charts.

Summary

Recently, the correlation between U.S. stocks and the crypto market has been significant, with Bitcoin's performance following the decline of U.S. stocks. Harris's election victory in swing states has brought more variables to market sentiment, and Trump's trade reversal has become a hot topic in the market. In this volatile market, it is recommended that investors closely monitor tonight's non-farm data and the performance of support levels, responding flexibly to market fluctuations. Personally, I suggest waiting to operate contracts until after the election, and simply buy the dip in spot markets.