October 7 $BTC Market Analysis
🤌Fundamentals:
The US Dollar Index rose to around 102.5, its highest level in nearly 18 months. The 10-year Treasury yield is at 5.25%–5.35%, within its highest range since 2002. A high-interest-rate environment remains a sustained headwind for assets with no cash flow.
The Fed meeting minutes are due Wednesday; the FOMC meeting is scheduled for October 27–28.
The Fear & Greed Index is around 73, still in “Greed” territory. CryptoQuant’s Puell Multiple has broken above 1, leaving the accumulation zone but not yet reaching overheated levels.
🤌Capital flows:
Yesterday, US spot Bitcoin ETFs saw net outflows of around $89.9 million, reversing the combined inflows of around $290 million on October 1 and 2.
Total liquidations across the crypto market over 24 hours were around $170 million–$190 million, with long positions accounting for about 60% (around $100 million–$114 million in longs and $70 million–$80 million in shorts).
🤌Technical analysis:
Yesterday, I mentioned that 86,700 was an important resistance level and that we would head lower if it wasn’t broken. I kept warning about the risk throughout the day. Ultimately, two large bearish candles sent the market down this morning. So we still need to wait for opportunities that suit our own trading systems.
My view at this level remains unchanged. Next, we need to watch whether 82,300 can hold as support. If it does, the price may fluctuate between 82,300 and 86,700. In my view, there’s a good chance the price will break below the support and move toward the 78,500–76,500 area. These are the two levels where we should consider building spot positions.
To sum up, I think the best thing to do at this point is to be patient and wait. Leave the rest to me—I’ll keep an eye on the market for everyone 🤔🧐
$BTC
🤌Fundamentals:
The US Dollar Index rose to around 102.5, its highest level in nearly 18 months. The 10-year Treasury yield is at 5.25%–5.35%, within its highest range since 2002. A high-interest-rate environment remains a sustained headwind for assets with no cash flow.
The Fed meeting minutes are due Wednesday; the FOMC meeting is scheduled for October 27–28.
The Fear & Greed Index is around 73, still in “Greed” territory. CryptoQuant’s Puell Multiple has broken above 1, leaving the accumulation zone but not yet reaching overheated levels.
🤌Capital flows:
Yesterday, US spot Bitcoin ETFs saw net outflows of around $89.9 million, reversing the combined inflows of around $290 million on October 1 and 2.
Total liquidations across the crypto market over 24 hours were around $170 million–$190 million, with long positions accounting for about 60% (around $100 million–$114 million in longs and $70 million–$80 million in shorts).
🤌Technical analysis:
Yesterday, I mentioned that 86,700 was an important resistance level and that we would head lower if it wasn’t broken. I kept warning about the risk throughout the day. Ultimately, two large bearish candles sent the market down this morning. So we still need to wait for opportunities that suit our own trading systems.
My view at this level remains unchanged. Next, we need to watch whether 82,300 can hold as support. If it does, the price may fluctuate between 82,300 and 86,700. In my view, there’s a good chance the price will break below the support and move toward the 78,500–76,500 area. These are the two levels where we should consider building spot positions.
To sum up, I think the best thing to do at this point is to be patient and wait. Leave the rest to me—I’ll keep an eye on the market for everyone 🤔🧐
$BTC
