Just in the early morning, I sent a text message about BTC rebounding to 60,000u, which was questioned, but it has now risen by nearly 2 points. The strength is not broken by doubts.
Many people asked why the decline occurred this time, as the Nasdaq index had clearly risen sharply and had been recovering in the past few days.
I want to say, yes, you are right, the Nasdaq is going crazy, and I also said on Twitter that there is no particularly obvious bad news this time, it is nothing more than the election vote may be greater than Trump, but obviously, this cannot cause any negative impact, because it is just some data speculation of niche media. On the contrary, there are a lot of good news, but cryptocurrencies are showing a downward trend, which is obviously abnormal, so I gave my advice: go long
But we still have to find out the reason. The reason for the decline is that it is very normal that hot money and institutions did not buy the goods and the price rose to around 61,000 US dollars (recently due to the rebound caused by the rise of the US stock market Nasdaq), and a small amount of wash-out was carried out, which is also quite obvious. We can see that the decline of altcoins did not show a decline less than Bitcoin this time, but a decline greater than Bitcoin. This is also related to the second reason for the decline I mentioned: the recent rebound of Nasdaq caused a group of retail investors to withdraw cryptocurrency funds to invest in stocks, so what is the connection with the sharp decline of altcoins: because the Bitcoin market fell sharply, altcoins were withdrawn to buy the bottom
After saying so much, if you still don’t go long, I really don’t understand. This time it is possible to rise to 65,000, but it is still difficult. However, 62,000 is stable.
