2024.11.8 Market Analysis

At 3:00 AM last night, the Federal Reserve's interest rate decision was announced, cutting rates by 25 basis points.

This decision was like a giant stone thrown into a calm lake, once again stimulating the market.

Under its influence, the price of Bitcoin (BTC) skyrocketed, reaching a peak of around 76,849 USD.

From the current trend, it seems almost certain that Bitcoin will break 80,000 USD this month and 100,000 USD before the end of the year.

Bitcoin and Ethereum have risen for three consecutive days, with Ethereum's performance in this round of market particularly outstanding, acting like a locomotive driving up the prices of many altcoins.

However, it should be noted that Ethereum is facing considerable selling pressure around 2,950 - 3,000 USD, which poses a risk of a short-term pullback.

In light of this, investors may consider reducing their positions. If ETH pulls back, it can be accumulated around 2,770 - 2,700 USD.

For Bitcoin, its support level is around 73,600 - 73,000.

Looking at SOL, its current trend is like a bamboo shoot, facing almost no obvious resistance levels.

Tomorrow is the weekend, and the market is expected to primarily experience weak fluctuations.

Next week, the market may have a slight pullback, but the overall upward trend remains the main theme.

From a technical perspective, there isn’t much in-depth analysis needed; the overall trend is characterized by smaller declines and larger increases, showing a fluctuating upward movement.

For long-term investors, just hold onto your coins.

From the news perspective, previous negative factors have completely vanished.

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From the macro policy perspective, one can clearly feel positive signals; Trump’s administration and Musk's enthusiasm for the crypto space have injected strong confidence into the cryptocurrency market.

Everyone, keep a steady mindset; victory will ultimately belong to us.