Bitcoin Market Observation and Short-term Trend Analysis
Although Bitcoin closed strongly and looked very beautiful on the weekly line, it unexpectedly fell. As mentioned yesterday, Bitcoin closed above the bull market support line on the weekly line and above $65,000 on the monthly line, which may only be a preliminary sign of a big surge in the future. The next few weeks will be a critical period, and it is necessary to continue to observe whether Bitcoin can stabilize above the bull market support line. If Bitcoin can maintain near this key point, then future trend confirmation and reversal will be more secure. If this position cannot be maintained, a correction may be needed in the short term, but it is highly unlikely to fall below $50,000.
In addition, after closing the weekly line, Bitcoin's market share continued to rise, showing strong momentum in the market. The expected interest rate cut trend in September further strengthened the market's positive expectations. If the interest rate is cut by 25 basis points, it will be a positive signal. Of course, the market may react in advance before the official announcement of the results. If the interest rate cut reaches 50 basis points, the room for maneuver will be greatly increased.
Investors should pay close attention to the market trend before the interest rate cut. If the trend is healthy, the bull market of altcoins may start accordingly. In the short term, Nvidia's earnings report and PCE data on Wednesday will be key indicators that affect the short-term market trend and are worthy of investors' attention.
