A picture speaks a thousand words. Congratulations to those who followed along yesterday and again took nearly a thousand points in profit. The fluctuating market requires patience, and the bull market is always on the way; recent profits are just an appetizer.
Let's take a look at gold. Recently, gold prices have seen a correction, with international gold prices continuously declining, falling below $2,600/oz, currently reported at $2,585.41/oz. The reasons for the decline in gold prices include the continued strength of the US dollar, Bitcoin breaking above $90,000 leading to a decrease in gold's attractiveness, and cooling market expectations for interest rate cuts. Investors' enthusiasm for gold investments has temporarily receded amid concerns over Trump's strong dollar policy, resulting in a rapid decline in gold prices recently. From the perspective of the global macroeconomic environment, the recent drop in gold prices is closely related to the strength of the US dollar and the rise in US bond yields. Additionally, part of the recent decline in gold is attributed to speculative funds pouring into BTC. Gold and BTC have a competitive relationship, with BTC's biggest issue being the lack of regulatory clarity, and the uncertainty of policies causing many funds to hesitate. As Trump's inauguration day approaches, it signifies that the path to compliance regulation in the crypto space is coming closer. For BTC, the prosperous days have just begun! Today, billionaire investor Paul Tudor Jones increased his fund's #Bitcoin holdings by 5 times through BlackRock's ETF, reaching $159.9 million. Old Li mentioned yesterday that the preference of institutions and funds for BTC will continue to rise, 'This Paul really gives Old Li face.'
On November 15, the Hong Kong Stock Exchange also launched a series of virtual asset indices, reflecting the Hong Kong SAR government's policy on virtual assets, providing real-time price benchmarks for Bitcoin and Ethereum in the Asian time zone. This index series is based on the 24-hour trading volume weighted spot prices and will be settled daily at 4 PM Hong Kong time. This is Hong Kong's first virtual asset index series that complies with the EU Benchmark Regulation (BMR), co-managed and calculated by a UK-registered benchmark management agency and CCData. This move is an important step for Hong Kong in building a leading digital asset center in Asia, directly boosting market confidence. The long-term benefits are self-evident based on recent publications.
Back to the crypto space, the current price of BTC is 91,717, and it has finally broken through the recent resistance level of 92,000, but selling pressure above remains strong. At this stage, 92,000 is a crucial battleground for bulls and bears, and one should avoid blindly chasing increases. Observing MACD4, the DIF shows an upward trend crossing the DEA, with the bearish momentum in the histogram gradually weakening. The daily RSI is at a high position, with a greed index reaching 83, indicating extreme greed, and attention should be paid to the risk of a pullback in the short term. Based on recent capital outflow, the first support level remains around 89,000, with the second support level around 88,000. The first resistance level is 92,000, and the second resistance level is 92,414. Therefore, the space for operation lies between the pressure and resistance levels.
BTC Strategy: The strategy remains unchanged; look for a pullback to go long, observing the effectiveness of the first support level at 89,000. If it breaks, go long near 88,400-88,700, with a profit target towards 90,000. If the support level of 89,000 holds, go long at 89,400-89,700, with a profit target of 1,200-1,600.
