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 the time of writing, it was currently trading at $62,754, up 3.36% in the past 24 hours.
In terms of operation, it is right to choose to buy again below 60,000 points in the early stage, or wait for a lower point. If you want to do a swing trade, the next swing selling point is around 64,000 points. The long-term holding view is to continue to patiently wait for the opportunity of a low point, or wait for the establishment of a reversal signal.
There is no conflict between the points. Intervention in the lowest point range and tracking after breakthrough and reversal are both very conservative forms of long-term strategy. According to data, yesterday the Bitcoin spot ETF had a net outflow of 120 million US dollars, and the Ethereum spot ETF had a net inflow of 3.06 million US dollars. The short-term reference value of this data is not significant.
The bull market has actually started quietly, and the world is gradually loosening its monetary policy!
So why isn’t it skyrocketing like it did in the last bull run?
The reason is that the rhythm of water release this time is different.
In 2020, in order to cope with the impact of the epidemic, the Federal Reserve cut interest rates by 150 basis points within one 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 liquidity injection, Bitcoin only rose slightly to $69,000 at the end of the year, basically the same as the high point in April.
This round of the cycle is a slow release of liquidity, and the interest rate is expected to be cut by 200 basis points in the next six months, rather than a rapid reduction to the bottom like in 2020. Therefore, this round of bull market is more like 2017, which will be a continuous rise process, and it rose for a full year and a half. The currency circle did not rise from March to September this year because the Federal Reserve has not yet cut interest rates, and the market lacks incremental funds, resulting in sideways trading. But now major economies such as the United States, China, and Europe, except Japan, are gradually moving towards quantitative easing, and with the approval of Bitcoin ETF, a bull market is brewing. All you need to do is hold your coins and wait patiently. There may be a 3 to 10 times return next year.
In the short term, if Trump takes office in early November, it may become a market explosion point. The currency circle only needs this stimulus. Bitcoin is expected to break through its previous high and directly increase by 20%, reaching 100,000 US dollars by the end of the year.
Recommend these altcoins
KAS: Eyeing a breakout in altcoin momentum
Kaspa (KAS) is trading between $0.13 and $0.16 and is consolidating after falling more than 10% last week. Technical indicators such as RSI and Stochastics show oversold conditions, suggesting a possible recovery. A breakout above the $0.17 resistance could push KAS to the next target of $0.19, bringing a potential gain of around 20%.
The 10-day moving average is slightly below the 100-day moving average, but growing optimism in the altcoin market could spark a bullish reversal. However, if KAS fails to hold the $0.12 support, a drop to $0.10 is possible. As the broader cryptocurrency market prepares for a possible bull run, traders are watching.
FTT is ready to fire: oversold indicators signal an immediate rebound
FTT is down just over 3% this week, but the overall picture is different. The token’s price has increased by nearly 57% in the last month, showing strong upward momentum.
The relative strength index (RSI) is around 35, indicating that FTT is approaching the oversold region, while the lower stochastics suggest a possible recovery. Currently trading between $1.83 and $2.96, a breakout of the nearest resistance at $3.47 could open the way for the next target of $4.60, leading to significant gains from current levels.
With altcoin season just around the corner, FTT could be gearing up for a big rally in the next crypto bull run.
LUNC: Poised to Take Off Amid Altcoin Season Hype
Terra Classic (LUNC) is showing signs of a possible rise. It is currently trading between $0.00007991 and $0.0001002 and recently held above the nearest support of $0.00006992. The relative strength index is at 33.86, which suggests that LUNC is approaching the oversold region. The stochastic oscillator is at 13.69, with room for bullish momentum.
If LUNC breaks above the nearest resistance at $0.0001105, it could reach the second resistance near $0.0001308, a significant rise from the current levels. The upcoming altcoin season could drive this rally, with the MACD indicator showing that selling pressure is waning. Traders are looking for a breakout.
