October 31, Thursday!

✅️ Yesterday's Market Review

Yesterday, the overall market for Bitcoin and altcoins did not experience significant fluctuations. Altcoins saw a surge yesterday afternoon, breaching 2700 but could not hold above that level and retraced!

Bitcoin's opening price yesterday was 72736, with a high of 72961, a low of 71436, and a closing price of 72344, with a change of -0.54% and a volatility of 2.1%.

Altcoin's opening price yesterday was 2638, with a high of 2722, a low of 2599, a change of 0.77%, and a volatility of 4.65%.

✅️ Today's Market Analysis

We have returned to a period of market fluctuations. After Bitcoin broke through 70,000, it is adjusting between 70,000 and the new high. As I said before, it is inevitable for Bitcoin to break through its historical high. Altcoins are significantly weaker than Bitcoin this round; they are too heavy and the consensus is getting lower.

Currently, the market prices are around BTC 72400 and ETH 2660, with an intraday market trend of fluctuations.

BTC resistance: 72900/73600/74500

Support: 72000/71200/70000

ETH resistance: 2680/2730/2800

Support: 2600/2520/2450

✅️ Spot Market

The overall secondary market is quite lackluster; the only coins that have shown an increase are some small altcoins, which typically surge once before retracing. It is challenging to have sustained capital flow, meaning the overall altcoin market has not yet arrived. If Ethereum does not break through the resistance level and establish a trending market, altcoins will have a hard time finding opportunities.

Today, the standout sector is the bankruptcy sector, represented by: USTC, LUNC, LUNA, FTT, etc. LUNC and USTC have burn mechanisms, with LUNC burning 5%.

A pullback could be a good time to consider entering with spot purchases, as LUNA has a demand for a rebound.

Other sectors related to the Solana ecosystem have also entered a retracement period.

Ethereum directly drives the second layer and also directly drives altcoins; we should continue to wait primarily, just hold onto what you have for now!

The FTT spot recommended a couple of days ago should be held, as it also has a rebound demand and is currently profitable!

Today's recommendation: LUNA