On September 20, as Wall Street opened, Bitcoin and U.S. stocks pulled back in sync, showing that risk assets have temporarily escaped the upward trend driven by the macro economy. After reaching a three-week high of $64,121, the price of Bitcoin began to pull back from the intraday high. Although the S&P 500 and Nasdaq 100 also fell back, gold continued to rise, indicating that some funds are shifting from risky assets to safe-haven assets.
From a technical perspective, $65,000 is considered a key resistance level for Bitcoin, and market commentators and traders are generally optimistic about the subsequent trend. They believe that the current price adjustment is not a bear market signal, but a preparation for breaking through this resistance level. If Bitcoin can continue to break through and close above $64,000, it will mean a bullish breakthrough in the market structure, which is the first clear rebound signal since the August crash.
At the same time, on-chain data shows that Binance's buying pressure is stronger than CB, indicating that the global market demand for Bitcoin is strengthening. Although the CB premium is negative, this has not led to a sharp drop in prices, but instead shows that buyers are looking forward to the subsequent rally.
In summary, the market remains optimistic overall. The short-term correction may be to accumulate strength for higher targets, especially after breaking through the key level of $65,000, which may usher in further increases in the future.
This wave of correction may be the last chance to get on board.
