In terms of the market, Bitcoin faced resistance and retreated near a new high position, which is a very normal phenomenon to encounter selling pressure at this level. From a weekly perspective, there is a divergence situation, and a large number of chips have a demand for profit-taking. However, there is support below 70,000, which will test the strength of market demand.
From a larger perspective, it is still a continuation structure. Although a structure similar to a double top has appeared in terms of shape, generally speaking, bull-bear reversals do not present double top patterns with such a long interval.
The biggest uncertainty in the market this week is the election. Looking back at history, it can be seen that after the election, Bitcoin prices have generally risen, without exception.
From a short-term impact perspective, due to the decline in Trump's approval rating over the weekend, the coin price has already begun a wave of adjustment. This trend can be seen as a preemptive digestion of the negative news of Trump's defeat, also known as Price in.
Therefore, if Trump loses, although the coin price will fall, the extent is expected to be not too large;
If Trump wins, the probability of a significant increase in Bitcoin is relatively high.
ETH is in a state of correlation with Bitcoin, and its exchange rate remains weak, with strong demand for a rebound in the future.
In terms of altcoins, given the recent weak performance of Bitcoin and the uncertainty brought by the election, market funds are showing a strong wait-and-see sentiment, leading to a widespread decline in the altcoin market, while Bitcoin's market capitalization ratio further increases.
Weak-performing altcoins are once again testing bottom support, while relatively strong altcoins are showing right-side adjustment trends.
The altcoin market will only regain strength after Bitcoin has completely strengthened.
So, we need to be patient.
Market data: The Fear and Greed Index is 70.
