Many people have not noticed the market's inducement signs. I have previously reminded that the market would first consolidate, then rally, and then fall back, which is a form of inducement to scare away short sellers and rush in long buyers. The current price of Bitcoin is 68,500. Although it has not truly fallen several times, it may still drop. This is not a good time to go long.

#BTC☀ 11.1 Daily Market Outlook

Gold, US stocks, external markets, and Bitcoin experienced a bloodbath yesterday, with Bitcoin dropping below 70,000 and Ethereum falling below 2,500. This is due to insufficient leverage clearance, and tonight's non-farm payroll data is worth paying close attention to. Currently, there is a special situation where Bitcoin plummeted but altcoins did not follow. This has never happened before because the altcoins have not risen much in this round. The current situation does not require excessive pessimism. If Bitcoin breaks below 69,000 again, it may develop towards 67,000. However, there is still a breakthrough opportunity if it can stabilize above 70,000.

Tonight at 8:30 PM, the US will release its non-farm payroll data, on the 6th the results of the US election will be announced, and on the 8th the Federal Reserve will hold an interest rate decision meeting. The non-farm payroll data and the Federal Reserve's decision will influence the Federal Reserve's policies. Personally, I believe the Federal Reserve may continue to cut interest rates. Many within the circle are hoping for a Trump victory in the US election, which would be favorable for Dogecoin and others.

Currently, I am subjectively inclined to buy the dip and make short-term trades. Even if I miss out, small profits can still achieve a certain yield. The US transition could encounter issues, and if the Nasdaq pulls back 20% - 40%, it may be an excellent entry point for the crypto market. Although the fear index shows “greed,” since yesterday, panic emotions have spread, and this morning's drop has caused panic among everyone. We also need to guard against a crash like on August 5th on the 6th.

From the market structure perspective, the massive drop on August 5th marked the end of a phase, after which we entered a triangular consolidation. Recently, a significant volume break above 70,000 indicates a new phase and accelerated rise. The six-month consolidation was for this stage of the market. Before August 5th, altcoins were mainly suffering from heavy selling. After that, we entered a phase of accumulation, with the market makers buying heavily. Currently, Bitcoin is in a market-dominating phase, and its market share is rising. Subsequently, Ethereum and altcoins may surge.