投研者

The pressure level of 95,183,988,221.0 million USD has recently experienced a slight pullback. The first key position to watch is whether the daily closing price can recover to 95,000 USD. If it does, the daily bulls will continue to maintain their advantage, and there will be hopes of challenging 100,000 USD and 108,000 USD. Conversely, if the daily stabilization fails at 95,000 USD, the daily trend will completely turn bearish, further pulling back to the support levels near the EMA 20-day line at 88,500 USD and 81,600 USD. Therefore, whether we can close above 95,000 USD today is crucial for the future market trend. However, I tend to believe that failing to recover 95,000 USD and pulling back to 88,500 USD and 81,600 USD would be a healthier trend.

After breaking through the descending wedge at $BTC , there is generally a pullback. During this pullback, pay attention to the EMA 20-day line at 68000 USD and 70000 USD, which are two areas of bullish support. As long as these two levels hold, the bullish trend will not deteriorate. If they break below, it will be a false breakout. Therefore, the focus in the coming days is whether the support range of 68000-70000 USD can hold up for another rebound.

Cointelegraph Markets Pro and TradingView data show that after the Wall Street open on October 29, the price of Bitcoin soared to within $200 of its all-time high, rising 5.6% to $73,600, before slightly retreating to the current level.
Interestingly, the price movement of Bitcoin has formed a rounded bottom pattern on the daily chart (see below). During the rebound on October 29, buyers pushed the price above the neckline of the dominant pattern, which is $71,700.
A daily candle close above this level will confirm a bullish breakout from the rounded bottom pattern, leading BTC into a price discovery phase, with a technical target set at $91,362, a 27% increase from the current price.
The daily Relative Strength Index is in the overbought area around 67, reinforcing the bulls' dominance in the market, while still remaining below the 'overbought' threshold of 70.
Meanwhile, the Exponential Moving Average (EMA) is also showing a 'golden cross' on the daily chart. This situation occurred in early January when the 50-day EMA (yellow line) crossed above the 200-day EMA (purple line), after which BTC/USD increased by 60%.

If Bitcoin breaks through the historical high of $73,777, the cumulative short order liquidation strength of mainstream CEX will reach 386 million; if it falls below $68,000, the cumulative long order liquidation strength will reach 486 million.
In the next two weeks, the support of 68,000 is likely to be verified. The turning point may be two days before and after the election node on November 5. If it does not effectively fall below, the market will continue to rise. If it falls below 68,000, it will run away and wait and see. In addition, from the perspective of the total network holdings, it has reached a historical high, but the price has not reached a historical high. The above two points are slightly weak for bulls.
This week's macro data focuses on the release of the US third quarter GDP on Wednesday, the release of the inflation index favored by the Federal Reserve on Thursday, and the release of the October non-farm employment report on Friday. The current market expectation for US macro data is the growth of GDP in the third quarter, and the inflation data will not change much. The non-farm employment report may show a slowdown in employment growth, and there is not much room for game. The only thing we need to note is that the Trump trade is currently cashing in on the market ahead of schedule, and the gains are being given back when the election begins. We can judge the market sentiment by observing DJT (Trump Media Technology Group). Once it turns downward, a correction is inevitable.