Imagine, if you are standing at the forefront of Bitcoin, watching it break through resistance step by step and approach historical highs, how excited would you feel? Right now, Bitcoin bulls are gathering momentum, with November's OI concentrated at $80,000. Is the $100,000 mark just a matter of time?
On Tuesday, the gold market continued to rise, while the US stock and cryptocurrency markets remained relatively calm. But beneath this calm, Bitcoin is brewing with activity. According to BitPush data, although Bitcoin faced resistance between $68,000 and $70,000, the trading price still firmly stood above $67,672, with a volatility of less than 1% in 24 hours. This seemingly calm market actually hides secrets.
What about altcoins? Hey, they aren't so lucky. In the last 24 hours, among the top 200 tokens by market capitalization, there were more losers than winners. But there are always a few standouts, such as Popcat up 9.8%, Ponke up 9.4%, and Uniswap up 4.7%. However, the losers like ApeCoin, Scroll, and dYdX are quite shocking, dropping 17.4%, 13.3%, and 10% respectively.
But don't worry, the overall cryptocurrency market capitalization is still as high as $2.33 trillion, and Bitcoin's market share is as high as 57.3%. This is enough to prove Bitcoin's dominant position in the cryptocurrency market.
Let's take a look at the US stock market, where the S&P 500 and Dow Jones closed nearly flat, while the Nasdaq index rose slightly by 0.18%. Spot gold even set a new high during the session, exceeding $2,748 per ounce. Is the rise of gold and silver also cheering for Bitcoin's surge?
Now, let's return to the Bitcoin options market. According to Deribit, the open interest (OI) of call options expiring at the end of November is concentrated around $80,000. What does this mean? It means that the market is confident about Bitcoin's future, believing it has the potential to break through higher price levels!
Analysts are also sharing their views. FalconX Research Director David Lawant stated that Bitcoin is likely to perform well regardless of the election outcome. LMAX Group market strategist Joel Kruger bluntly said: 'It feels inevitable that Bitcoin's price will break historical highs, and it's getting closer to setting a new high.'
So, how will Bitcoin's price perform on the eve of the election? Ledn Chief Investment Officer John Glover pointed out: 'The current support level is at $65,000, and I believe that in the days leading up to the election, the BTC price will test the previous high of $73,000.'
But don't forget, aside from the election as a influencing factor, Bitcoin's four-year cycle will also become a major driving force in the market. TradingView analyst TradingShot believes: 'There are only two weeks until the US presidential election, and the market is about to welcome a bull market breakout. This time, we observe the price trading situation on this date every four years.'
He further explained: 'According to the four-year cycle theory, the trends in October 2020, October 2016, and October 2012 are highly similar, with a very significant degree of symmetry. We can also see that every four years, at this time, prices have begun to rise from the average MM, just like now.'
So, dear readers of mlion.ai, are you ready to welcome a new round of Bitcoin surges? Are you eager to see it break the $100,000 mark?
Remember, opportunities always favor the prepared. In this unpredictable cryptocurrency market, only those who keep up with market dynamics and grasp the market pulse can laugh until the end.
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The above content is for information sharing only and does not constitute any investment advice! Investing carries risks, and caution is needed when entering the market!
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