This week is a crucial one for Bitcoin. Whether the weekly trend can continue strongly will impact the monthly trend. Historically, November is usually a good month for Bitcoin and the US stock market, but this November still has a lot of variables:
1. A significant resistance level formed at 115000 on the daily chart, short-term holders are back in profit, and potential selling pressure is starting to increase;
2. The Federal Reserve meeting on October 29, where a 25 basis point rate cut is basically confirmed, but due to the lack of some market data (government shutdown), Powell's speech should be relatively cautious;
3. The planned US-China meeting on October 30 could bring substantial changes to the market due to Trump's unpredictability;
4. The earnings season at the end of October, with companies like Apple, Amazon, Microsoft, and Facebook reinforcing market risk appetite;
5. Recent strong inflows into ETFs are a relatively good signal, and we should observe the continuity.
In summary, after the 1011 clearing, the market has temporarily shown no profit effect, and people's trust in altcoins has completely collapsed, which instead sets the stage for a significant rise in altcoins in the future. Bitcoin is still in a sideways range, and it is expected that a direction will need to be chosen in the next week or two; whether it will top out or find a central upward trend will soon be revealed. In terms of operations, if it drops below 110000 again recently, I will technically reduce some holdings, otherwise, I will continue to hold the remaining positions.
1. A significant resistance level formed at 115000 on the daily chart, short-term holders are back in profit, and potential selling pressure is starting to increase;
2. The Federal Reserve meeting on October 29, where a 25 basis point rate cut is basically confirmed, but due to the lack of some market data (government shutdown), Powell's speech should be relatively cautious;
3. The planned US-China meeting on October 30 could bring substantial changes to the market due to Trump's unpredictability;
4. The earnings season at the end of October, with companies like Apple, Amazon, Microsoft, and Facebook reinforcing market risk appetite;
5. Recent strong inflows into ETFs are a relatively good signal, and we should observe the continuity.
In summary, after the 1011 clearing, the market has temporarily shown no profit effect, and people's trust in altcoins has completely collapsed, which instead sets the stage for a significant rise in altcoins in the future. Bitcoin is still in a sideways range, and it is expected that a direction will need to be chosen in the next week or two; whether it will top out or find a central upward trend will soon be revealed. In terms of operations, if it drops below 110000 again recently, I will technically reduce some holdings, otherwise, I will continue to hold the remaining positions.