The total cryptocurrency market capitalization has barely budged in the past 24 hours, remaining above the critical support level of $2.11 trillion. Despite the lack of immediate change, the market is still expected to move upwards on the back of positive sentiment.
The one-month-old rising trendline is a key support, and the total cryptocurrency market capitalization may rebound, which is expected to push it to the next target of $2.24 trillion. This will indicate continued growth and optimism in the market.
However, if the market loses the $2.11 trillion support and trendline, it could spark a steeper decline that could see the market fall towards $2.00 trillion, which would signal a bearish turn.
Bitcoin remains above support
The price of Bitcoin is currently stable at $62,375, with no significant fluctuations over the past day. The cryptocurrency remains above the critical support level of $61,868, showing resilience, and is still expected to rebound from this bottom to start an uptrend.
For Bitcoin, the next key resistance level is at $65,292. Sustained bullish sentiment is essential to break above this level. Turning this resistance level into support will open the doors for further price gains and strengthen the bullish outlook for the cryptocurrency.
However, if Bitcoin loses the $61,868 support, there is a risk of a drop to $60,000. A break below this critical level could result in a deeper decline that could potentially push Bitcoin price down to $57,270.
Big fluctuations are coming, and there are several big events tomorrow (Thursday)
At 2 a.m., the Federal Reserve released the minutes of its monetary policy meeting.
At 8:30 pm, the US September unadjusted CPI annual rate and September seasonally adjusted CPI monthly rate
Watch out for short-term price fluctuations
What to expect?
Expecting a bearish move is bullish. It sounds ridiculous, but it is true. If BTC has to form a double bottom before it can go up, it has to bottom again. This seems to be the reason why whales are not buying because they are waiting for a downward move to buy the dip.
I think we will definitely see Bitcoin reach 80,000 US dollars in the future, but the specific time point is difficult to predict. It may be this wave or the next wave.
Bitcoin is currently in a period of super volatility.
The main force is consolidating strongly around the 21-year high and the more than 70,000 high of this round of market.
Will there be a shock shipment here? As I said yesterday, there is no major negative expectation in the future. Whether it is macro or industry, there are no factors for a big crash, at least not at present.
What do you think about this? Do you feel the same way?
Crypto Market Summary
1. From September 15 to October 7, BTC experienced a round of surge, rising from around $57,000 to a maximum of around $66,000, mainly due to the news of the US government's interest rate cut. In addition, the AI sector associated with Web3 has remained strong, and the entire cycle of Web3 is still in a bull market cycle, so OTC funds still maintain a bullish sentiment on cryptocurrencies.
2. U.S. stocks rose. The U.S. non-farm payrolls data significantly exceeded expectations. The number of employed people increased by 254,000 (expected to be 150,000). The unemployment rate fell back to 4.05%. Unemployment benefits data continued to remain low. All these factors will bring about a rebound in the entire market in the future. Good news.
3. In terms of regulation, the chairman of the US SEC continued his usual strategy and did not show a narrower regulatory strategy. However, as the US election is approaching, it is still uncertain whether Gary Gensler can continue to be re-elected as the chairman of the SEC, which also brings uncertainty to the subsequent development of the cryptocurrency industry.
