Le BTC franchit $71 000, un nouveau sommet est-il imminent ?

Auteur original : 1912212.eth, Foresight News

BTC lived up to expectations. At about 6 a.m. this morning, the price once again exceeded $70,000, once exceeding $71,000, with a 24-hour increase of more than 4%, and now hovering around $71,000. ETH, which made the Twitter community almost pessimistic, also fell to $2,382 and then fluctuated upward to above $2,600. After the correction in the past few days, some altcoins finally rebounded. Dogecoin soared 17% due to Musks call, and has now risen above $0.16.

In terms of contract data, according to Coinglass, $173 million of positions were liquidated in the past 24 hours, including $69.7824 million of long positions and $103 million of short positions.

The market is trending upwards, what factors are at play?

The Fed is about to cut interest rates again

The Fed will hold its policy meeting on November 6-7. Right now, the market is almost certain that the central bank will cut interest rates by 25 basis points at that time. According to the CME FedWatch tool, traders are currently pricing in a 98.4% chance of a 25 basis point rate cut in November, a 1.6% chance of no rate cut and a 0% chance of a 50 basis point cut.

The Feds continued interest rate cuts will inject more funds into global liquidity and benefit risky assets. With the continuous increase in liquidity, the market sentiment of cryptocurrencies has improved significantly.

Microsoft plans to buy Bitcoin

More and more large companies are considering Bitcoin as a strategic reserve.

Microsoft listed issues to be discussed at its next shareholder meeting in a Form A filing with the U.S. Securities and Échange Commission on Thursday. One proposal suggests the tech company should study Bitcoin as a hedge against inflation and other macroeconomic influences.

The board of directors recommended that shareholders vote against the proposal, saying Microsoft had carefully considered this issue, according to the filing. Past evaluations have considered Bitcoin and other cryptocurrencies, and Microsoft will continue to monitor trends and developments related to cryptocurrencies to inform future decisions, the statement said. As the proposal itself notes, volatility is a consideration in evaluating cryptocurrency investments, which require stable and predictable investments for enterprise financial applications to ensure liquidity and working capital. Microsoft has developed strong and appropriate processes to manage and diversify its enterprise finances for the long-term benefit of shareholders, and this requirement for a public evaluation is unjustified.

Microsofts largest shareholders include Vanguard, BlackRock and State Street.

BTC spot ETFs continue to see inflows

Bitcoin spot ETF data shows that its purchase funds have been quite strong since this month. There were only 7 days of net outflow of funds, and the remaining 12 days were net inflows, and the inflow amount was quite large. On October 14, the single-day net inflow exceeded US$555.86 million.

At present, the total net inflow of the US Bitcoin spot ETF has reached 21.93 billion US dollars, and its total on-chain holdings have exceeded 1 million BTC. In addition, according to data disclosed by Ki Young Ju, CEO of CryptoQuant, institutional holdings account for about 20% of the US Bitcoin spot ETF, and asset management companies hold about 193,000 BTC.

Bitcoin Golden Cross

A few days ago, market analyst Omkar Godbole said that Bitcoin’s 50-day simple moving average (SMA) has begun to rise and may exceed the 200-day SMA in a few days, confirming the so-called “golden cross”.

This pattern indicates that short-term price momentum is outstripping long-term momentum, which could lead to a bull market. Moving average-based indicators are often criticized for being lagging signals that can trap traders on the wrong side of the market. While this view is generally correct, golden crosses have indeed foreshadowed major bull markets in the past.

Traders who held Bitcoin for a year after the first and second golden crosses and the May 2020 golden cross would have made triple-digit percentage gains. After the October 30, 2023 golden cross, Bitcoin doubled in value, reaching a new all-time high of over $73,000.

The market trend once again confirms that its upward trend is likely to continue.

US presidential election is coming soon

Generally speaking, the crypto market will see a good rise before and after the US election. There was even a rise after the results of the last US presidential election, but it fell in the first two days and the last two days.

In addition, for the crypto market, whether Harris or Trump comes to power, it is good news in the long run. Therefore, some funds choose to continue to bet on the subsequent market.

This article is sourced from the internet: BTC breaks through $71,000, is a new high just around the corner?

En lien : Dialogue avec le trader Stewart : Quelles sont les caractéristiques des pièces 100x dans ce cycle ?

Invité de cet épisode : Stewart, directeur de la recherche en investissement chez First Class Warehouse, Twitter : @Jindouyunz En tant que fan de longue date de Toudest Warehouse, j'ai invité son directeur de recherche en investissement, qui est également mon vieil ami Jindouyun, à parler de la façon dont ils ont investi 1 000 fois dans aave au cours du dernier cycle et des changements dans le concept d'investissement de valeur au cours de ce cycle. J'ai également discuté de la méthodologie de recherche d'alpha dans ce cycle et résumé certains points qui m'ont impressionné. *Le texte suivant est destiné à être partagé uniquement et ne constitue pas un conseil en investissement. TL;DR 1. Stratégie d'investissement Taille du fonds et ratio d'allocation : La taille totale du fonds First Class Warehouse est d'environ des dizaines de millions de dollars, et il est strictement stipulé que chaque gestionnaire d'investissement ne peut pas gérer plus de 10…