Matrixport Market Watch: BTC ทะลุระดับแนวต้าน $70,000 ใกล้จะถึงจุดสูงสุดใหม่แล้วหรือยัง

In the past week, the market fluctuated between $65,000 and $69,000. On the 28th, BTC started to rise at the support level of $67,600 and broke through $70,000 in the early morning of the 29th. Although the short-selling counterattack caused the BTC price to fall back for a short time, the upward momentum of BTC remained unabated. At 10:00 on the 29th, the BTC price reached a maximum of $71,587, a 24-hour increase of 5.6%. As of the publication of this article, the BTC price fluctuated around $71,000 (the above data comes from Binance spot, 15:00 on October 29).

Based on the intensified FOMO sentiment in the market, the boost from the rise of US stocks and the rising chances of Trumps victory, BTC may hit a new high before the election. Of course, profit-taking after the election results are announced may put some pressure on the BTC price, but regardless of the election results, BTC is more likely to hit a new high in the current context.

ตลาด Review

A big week for macro data, a series of important data may affect the subsequent development of multiple markets

This week is a big week for macro data, with a series of important data to be released, including the JOLTS job vacancies report on Tuesday, the Bank of Japans interest rate decision and the initial value of the third quarter real GDP annualized quarterly rate on Wednesday, the core PCE price index on Thursday, and the non-farm payrolls data on Friday. Investors are advised to pay close attention to macro data and adjust their positions in a timely manner.

The financial reports of technology giants are entering a climax, and their performance directly affects market sentiment

Recently, the US stock market has been performing well, and the market generally believes that the rise of US stocks is intrinsically related to the rise of BTC. On the 28th, the three major US stock indices all closed higher, with the SP 500, Dow Jones and Nasdaq rising by 0.35%, 0.72% and 0.37% respectively. The earnings season for US tech giants will also enter its climax, and with the disclosure of performance by giants such as Alphabet, Microsoft, Meta, Amazon and Apple, it may directly affect market sentiment.

Tether responds to Wall Street Journal report, USDT price returns to anchor price

On the 25th, Eastern Time, the Wall Street Journal reported the U.S. governments investigation into Tether. As soon as the news came out, USDT briefly fell below the anchor price and put pressure on the entire การเข้ารหัสลับcurrency market. From the 26th to now, Tether CEO has responded and denied the report. As there was no further confirmed news over the weekend, the price of USDT also returned to a level slightly below the anchor price.

Trumps overall poll approval rating has risen significantly, and his company Trump Media Technology has increased by more than 20%

As the seven key swing states in the United States increase their bets on Trump, Trumps overall poll support rate has risen significantly. The latest data from Polymarket shows that Trumps chances of winning the election are predicted to be 66.3%, while Harriss is 33.7%. RCP poll data shows that the probability of Trump and Harris winning the election is 48.5% and 48.4% respectively. At the same time, at the close of the U.S. stock market on the 28th, Trump Media Technology, a company under Trump, rose by more than 20%. Many markets have been making preparations for Trumps election, and the popularity of options in the crypto market has increased significantly.

BTC candle chart shows an upward indicator, and analysts believe that BTC price has returned to the upward channel

TradingShot, a technical chart analyst at TradingView, said, BTC broke through its 7-month bearish megaphone pattern last week and BTC has regained the important support level of the 50-week moving average. This means that Bitcoin has successfully escaped the downward trend during this period and is expected to restart a new upward cycle. Historical data shows that the price of BTC is often affected by the 50-week moving average. In the past period of time, the 50-week moving average has repeatedly become a support level for the price of Bitcoin.

At the same time, a MACD golden cross appeared on BTC鈥檚 weekly chart. A MACD golden cross is usually seen as a bullish signal, indicating that there may be a sharp rise in prices in the future.

Suggested Layout

Although there is a possibility of short-term volatility in BTC, analysts are generally optimistic about the future development prospects of BTC. As the development of BTC ETF further promotes the popularization of BTC, and BTC gradually becomes the mainstream choice in corporate investment allocation, the BTC liquidity siphon effect may further emerge.

In the current market, investors can try to cover multiple assets to reduce the impact of black swan events, and satellite strategies may be a good choice. For example, comprehensively plan the asset ratio of crypto assets and traditional safe-haven assets (gold), and then make detailed plans for crypto asset investments. Based on their own risk tolerance and financial planning, determine the stable returns and risk-return ratio. While obtaining stable and rational returns, make reasonable investment plans for currency-based and gold-based value-added.

Matrixport Shark Fin or Trend Profit products are stable structured products. On the basis of cost protection, if the market trend is judged, relatively good incremental returns can be obtained, which is suitable for investors who are optimistic about the trend of BTC and ETH in the long term. Matrixports RWA platform Matrixdock has also recently launched the gold token XAUm, which is fully supported by LBMA-standard physical gold bars with a purity of not less than 99.99%, and physical redemption services have been opened in Hong Kong and Singapore.

As the worlds leading one-stop crypto financial service platform, Matrixport provides users with diversified asset management products, including dual-currency investment, Snowball, Shark Fin, Trend Intelligence, Seagull and other structured products; quantitative strategy, passive strategy and other strategic investments. The above products support multi-currency investment and a wide range of investment cycles.

Disclaimer: The above content does not constitute investment advice, an offer to sell, or a solicitation of an offer to buy to residents of the Hong Kong Special Administrative Region, the United States, Singapore, and other countries or regions where such offers or solicitations may be prohibited by law. Digital asset trading may be extremely risky and volatile. Investment decisions should be made after careful consideration of personal circumstances and consultation with financial professionals. Matrixport is not responsible for any investment decisions based on the information provided in this content.

This article is sourced from the internet: Matrixport Market Watch: BTC breaks through the $70,000 resistance level, is it just around the corner to hit a new high?

Related: Deep Dive: Is Ethereum Off Track?

Original author: @ 0x Breadguy Original translation: Vernacular blockchain On September 5, 2024, @BanklessHQ hosted an interview titled “ Is the Ethereum Roadmap Off Track? ”, an in-depth discussion of Ethereum’s future development roadmap. The main guest of the interview was Max Resnick, an analyst and commentator in the crypto space. The interview focused on the following aspects: 1) Decentralized sorter: Discussed how to decentralize sorters in L2 (second layer) solutions, as well as the current technical challenges and implementation difficulties. The interview pointed out that although decentralized sorters are a worthy goal, there may be certain challenges in actual operation. 2) Ethereum-based Rollups: Ethereum-based Rollups are introduced as an improvement to L2, which uses Ethereum for sorting and gives up a portion of the execution reward. This approach is…