After Bitcoin briefly fell below $59,000 in the early hours of yesterday (11), it quickly rebounded and continued to rise. In the early hours of this morning, after climbing to a high of $63,417, the price of Bitcoin began to fluctuate in a range. At press time, it was trading at $62,858, up 4.46% in the past 24 hours.
BTC Price
I was upset that my 57,500+ orders were not placed. Then the rise of Bitcoin was also very strange, with a direct V-shaped rise and no callback.
According to TechFlow, Cryptoquant analyst Maartunn published his opinion on X, saying that this round of Bitcoin rise was driven by leverage, and the previous decline (from US$64,000 to US$59,000) was also caused by excessive leverage.
Now, more than $1.5 billion in leverage is fueling the rally again, and the risks are extremely high.
Ethereum rebounds to hit $2,500
The price trend of Ethereum is close to that of Bitcoin. After a brief spike at $2,330.66 yesterday, it began to rebound upward. It hit a high of $2,471.45 in the early morning of today and then fluctuated in a range. It is now trading at $2,447.29, up 2.53% in the past 24 hours.
ETH Price
Among altcoins, the MEME sector rebounded the strongest, with neiro and popcat both rising by more than 20%.
October "Uptober" Crypto Market Affected by National Factors
On the other hand, according to Coinglass data, in the past 11 years, there have been 9 increases in October, with an increase probability of 82%. For this reason, the crypto market often calls October "Uptober." However, after two crashes in early October, the market's confidence in October's bullishness is gradually weakening.
In this regard, QCP Capital analysts believe that the probability of bullishness in October is still high, but the premise is that Bitcoin must remain at the $60,000 support level:
U.S. stock indices are up, with the S&P 500 hitting new highs, and while crypto markets have yet to show the same optimism, we remain hopeful for an “Uptober” as long as the key support level of $60,000 holds.
Coinbase analysts David Duong and David Han also said in a report that judging from the Bitcoin contract funding rate, the market still shows bullish sentiment.
The report also highlights that overall economic factors influencing crypto market performance are shifting from monetary policy to the outcome of the U.S. election.
Everyone is looking forward to Trump's victory in the US election in November. If Trump wins, accompanied by a 25 basis point interest rate cut, an explosive force will be formed, and the direct result will be an explosive crypto market.
The US presidential election has entered a white-hot stage, but the latest poll data has sounded the alarm for the Democratic Party!
An American reporter recently revealed that based on the latest data, insiders from both the Democratic and Republican parties believe that Trump's chances of winning are rising significantly, while Harris may lose in six key swing states.
As for the uncertainty of the election, with the news that came out yesterday: due to the impact of the super hurricane, Trump's recent intensive campaign activities and Harris's recent activities have been very conservative, it seems that the market has begun to prepare for Trump's victory in advance.
If Trump fails to win in November, it will not be a bad thing, but there will be fewer surprises. The Democratic Party is also relatively friendly to crypto. After all, everyone knows that crypto is an innovative industry, and all Americans hope that innovation will happen first in the United States.
What I want to say is that no matter who wins, it will not ultimately affect the progress and trend of the bull market. It is just a matter of the timing and cycle of the outbreak.
Additionally, the report states that China’s fiscal policy press conference at 10 a.m. today could indirectly affect the cryptocurrency market, especially as many asset markets are closed for holidays:
Crypto markets may be used as an alternative way to express views on the size and impact of fiscal policy.
After Bitcoin briefly fell below $59,000 in the early hours of yesterday (11), it quickly rebounded and continued to rise. In the early hours of this morning, after climbing to a high of $63,417, the price of Bitcoin began to fluctuate in a range. At press time, it was trading at $62,858, up 4.46% in the past 24 hours.
BTC Price
I was upset that my 57,500+ orders were not placed. Then the rise of Bitcoin was also very strange, with a direct V-shaped rise and no callback.
According to TechFlow, Cryptoquant analyst Maartunn published his opinion on X, saying that this round of Bitcoin rise was driven by leverage, and the previous decline (from US$64,000 to US$59,000) was also caused by excessive leverage.
Now, more than $1.5 billion in leverage is fueling the rally again, and the risks are extremely high.
Ethereum rebounds to hit $2,500
The price trend of Ethereum is close to that of Bitcoin. After a brief spike at $2,330.66 yesterday, it began to rebound upward. It hit a high of $2,471.45 in the early morning of today and then fluctuated in a range. It is now trading at $2,447.29, up 2.53% in the past 24 hours.
ETH Price
Among altcoins, the MEME sector rebounded the strongest, with neiro and popcat both rising by more than 20%.
October "Uptober" Crypto Market Affected by National Factors
On the other hand, according to Coinglass data, in the past 11 years, there have been 9 increases in October, with an increase probability of 82%. For this reason, the crypto market often calls October "Uptober." However, after two crashes in early October, the market's confidence in October's bullishness is gradually weakening.
In this regard, QCP Capital analysts believe that the probability of bullishness in October is still high, but the premise is that Bitcoin must remain at the $60,000 support level:
U.S. stock indices are up, with the S&P 500 hitting new highs, and while crypto markets have yet to show the same optimism, we remain hopeful for an “Uptober” as long as the key support level of $60,000 holds.
Coinbase analysts David Duong and David Han also said in a report that judging from the Bitcoin contract funding rate, the market still shows bullish sentiment.
The report also highlights that overall economic factors influencing crypto market performance are shifting from monetary policy to the outcome of the U.S. election.
Everyone is looking forward to Trump's victory in the US election in November. If Trump wins, accompanied by a 25 basis point interest rate cut, an explosive force will be formed, and the direct result will be an explosive crypto market.
The US presidential election has entered a white-hot stage, but the latest poll data has sounded the alarm for the Democratic Party!
An American reporter recently revealed that based on the latest data, insiders from both the Democratic and Republican parties believe that Trump's chances of winning are rising significantly, while Harris may lose in six key swing states.
As for the uncertainty of the election, with the news that came out yesterday: due to the impact of the super hurricane, Trump's recent intensive campaign activities and Harris's recent activities have been very conservative, it seems that the market has begun to prepare for Trump's victory in advance.
If Trump fails to win in November, it will not be a bad thing, but there will be fewer surprises. The Democratic Party is also relatively friendly to crypto. After all, everyone knows that crypto is an innovative industry, and all Americans hope that innovation will happen first in the United States.
What I want to say is that no matter who wins, it will not ultimately affect the progress and trend of the bull market. It is just a matter of the timing and cycle of the outbreak.
Additionally, the report states that China’s fiscal policy press conference at 10 a.m. today could indirectly affect the cryptocurrency market, especially as many asset markets are closed for holidays:
Crypto markets may be used as an alternative way to express views on the size and impact of fiscal policy.
