Many friends ask: With so many positive factors, why is Bitcoin still declining?

First, we need to acknowledge that this wave of increase is the result of many positive factors. The U.S. government shutdown is the trigger, the seasonal rise in October, increased expectations for interest rate cuts in October, and the crazy buying by institutional whales, etc.

During the National Day holiday, I emphasized that the end of the holiday is when the market will be under pressure and decline. It can also be said that Bitcoin and Ethereum fell back a day earlier than I expected, but it does not affect our continued bearish outlook.

Last night, Bitcoin once again tested the 120,000 support level, and this is the second time it has dipped here. A break below 120,000 will determine whether we see a top in the short term, but I am more optimistic about a short-term peak, with a subsequent rebound continuing to be the main focus.

Because the October market rise only belongs to Bitcoin's bull market, this trend is almost identical to July. After Bitcoin refreshes its high and falls back, other cryptocurrencies follow suit and decline. Even if there is a space for a 10,000-point drop, we are still making a profit. $BTC