Bitcoin faced resistance at the key psychological level of 70,000 dollars on Monday, dropping 2.3% on Tuesday. As of Wednesday, the Bitcoin price slightly fell to around 66,722 dollars.

If BTC continues to pull back, it may fall further and retest the next psychological support level of 66,000 dollars.

The Relative Strength Index (RSI) on the daily chart is at 58, having pointed downwards after breaking through the overbought level of 70 on Sunday, indicating a weakening bullish momentum. If it continues to drop and closes below the neutral level of 50, it may lead to a significant decline in Bitcoin price.

Current situation of the secondary market for copycats

The current accumulation structure of altcoins indicates that the increase in this round of market will not disappoint everyone, although it may not be the most exaggerated in history.
The fund-raising cycle has been significantly extended. It used to be about one month, but this time it is generally between 2 and 3 months. Not only that, this round of market conditions has also experienced extreme shake-ups, and the various fluctuations in the past year have been frightening.
For the leading altcoins in each sector, you should actively buy when they fall, and control the leverage below 3 times. From the weekly chart, many currencies are at the bottom. The altcoin season generally rebounds sharply before the end of the rise, and may double several times within a month, similar to the rotation of Ape and dYdX.

Recently, Bitcoin's market trend resembles a warrior ready to charge, continuously oscillating at high levels, looking for breakthrough opportunities!

Over the weekend, the price of Bitcoin briefly approached $69,500, showing a steady upward trend and demonstrating strong upward momentum.
Despite multiple attempts to break through the $70,000 mark in recent days, Bitcoin's strong position remains unweakened, creating a stage for altcoins to soar!
Popular cryptocurrencies like Ethereum and SOL are rising with the trend, becoming new favorites in the market, attracting the attention of many investors.

The cryptocurrency bull market is here; how to seize it

Bitcoin is ready to hit new highs at any time. The dawn has come. Do you see it? Countermeasures are in hand, and there is no need to worry about the response:

At present, the trend of Bitcoin is still relatively strong. It rose to the 69,000 US dollar mark in the early hours of last night, but there is a pressure point at 69,000.

At the time of writing, it fell back to the stage of 68,000 US dollars. Ethereum did not fluctuate much yesterday and maintained a fluctuation around the 2,600 level. Ethereum focuses on the previous low point near 2,530. As long as it stabilizes above, the altcoin should be able to stabilize. The key position below Bitcoin is still 64,500, so the current trend is still healthy!

However, for the general trend, this small pressure point is nothing. Gold has repeatedly hit new highs, the Dow Jones is also hitting new highs, and it won’t be long before the Shanghai Composite Index will also hit new highs. All countries have also started a wave of interest rate cuts. Moreover, from a large-scale perspective, the bull market is on the way. Don’t fall before dawn! By then, the entire financial market will enter an unprecedented large-scale market!

Crypto markets have been moving higher recently as investors’ expectations for a rate cut at the November FOMC meeting have risen and risk appetite has turned on. The Chicago Mercantile Exchange (CME) FedWatch tool shows that the probability of a 25 basis point rate cut on November 7 is currently 94%, up from 80% last week.

After Bitcoin failed to challenge the "68,000 US dollar barrier" twice last night, the current rally has paused, but it is still hovering above 67,000 US dollars, maintaining a strong bull market. At the time of writing, the price of Bitcoin is about 67,300 US dollars, with a 24-hour increase of 0.37%.

Last night, the market went up and down, and the mood in the cryptocurrency circle was also up and down. The reason for the big ups and downs may be affected by the following factors:

Market dynamics and events:
Tensions, such as instability in North Korea, the Middle East and the Gulf, may provide upward momentum for multinational safe-haven assets such as Bitcoin.
The entry of U.S. ETF investors, especially the net inflows into Bitcoin ETFs, may have had a significant boost to the market.
Market Sentiment and Investor Behavior:
The influx of new investors, especially those who have never been involved in the cryptocurrency market, may indicate that a crazy period of market growth is about to come.

Bitcoin surged this morning, with prices hovering around $65,600 at the time of writing

It is worth mentioning that although Bitcoin and the stock market are somewhat decoupled, we should also pay attention to the trend before and after the opening of the U.S. stock market in the evening. If Bitcoin can follow the U.S. stock market in the future, there will be a chance to see further growth. At present, the general trend direction remains unchanged, and small-cycle corrections should be cautious not to sell at a loss.
Is this bull market not as explosive as the last one?

In 2020, in response to the impact of the epidemic, the Federal Reserve cut interest rates by 150 basis points within a month, and countries around the world quickly followed suit. This led to an explosive rise in Bitcoin, which rose to $65,000 in half a year, a 20-fold increase. However, due to the cessation of monetary easing, Bitcoin only rose slightly to $69,000 at the end of the year, basically the same as the high point in April.

Bitcoin has been trading in a narrow range for more than 200 days. During this period, altcoins have also been staying at similar price levels, leading to a sense of stagnation in the market.
Historical background of price ranges
The longer an asset stays in a range, the greater the potential breakout. The analyst pointed to historical examples such as Bitcoin’s trading range from April to October 2020 (between $8,000 and $12,000) before breaking out into a bull run. Similarly, in 2015-2016, Bitcoin consolidated before experiencing a significant rise.
Current Price Action Analysis

In the past two days, news of NEIRO's surge has been everywhere in the market.
Judging from the case of capitalized NEIRO, the coordination of institutional strategies and community operations has indeed led to a short-term price surge, but whether there is actual value support behind this price is still a question mark. High returns brought by high leverage often also mean high risks. Once market sentiment changes or regulatory efforts are strengthened, the price of NEIRO may experience a sharp correction at any time. In this case, the most likely to be "harvested" are often those retail investors who take over at high prices. The controversy over lowercase Neiro reveals the dark side of the meme coin market.

At present, the market's funds, traffic and attention are all rushing to Meme tokens in both directions, forming a situation of concentrated hotspots. For example, the CTO concept is hot, and popular projects include Moodeng (Hippo), TERMINUS (Mars City), and Musk's latest Robotaxi. With Musk's social media dynamics (pinning and changing avatars), the market seems to hint that another hot Meme token will be released, especially projects related to "Robot".

Today's market analysis:

BTC

Bitcoin is currently rebounding at the 1/2 hour level, and the upper pressure levels should be around 60800-61300-61740!

Several important economic data came out today. Powell said before that CPI is expected to drop to 2.2. This September's annual CPI was 2.4, and the previous value was 2.5, which was lower than expected, but it fell overall, so it fell after pulling up. The core CPI increased from 3.2 to 3.3. The core CPI is the statistical data after excluding consumption and energy.

Because the oil price range was 65-74 in September and 66-78 in October, and October is not over yet, if the oil price reaches 100 by the end of the year as I predicted before, it will be difficult for the Fed to cut interest rates in November and December because CPI will rebound. The United States has never had a precedent of raising interest rates after opening a channel for interest rate cuts, but this time the economy is improving but interest rates are still cut, and the precedent of a 50 basis point rate cut is set. There is a possibility of a subsequent interest rate hike, but it is very small.