The main reason for this pullback is the uncertainty of the US presidential election. According to the latest polls, Harris's approval rating has begun to lead Trump again, which makes the market a little worried that Trump may lose the election. In addition, the core PCE data in September was lower than expected, recording the largest drop in nearly six months, and the previous value was also raised from 0.1% to 0.2%, which led to a cooling of market expectations for a rate cut in November, and even concerns about a pause in the rate cut. In addition, the global stock market also suffered a drop in the three major indexes, and this macro environment further put pressure on prices. Under the interweaving of multiple factors, BTC's trend faces challenges in the short term. These have affected market sentiment and confidence.
The trend of the entire altcoin market is a mess. Even if some currencies have risen, they are short-lived and have not continued to rise. This is mainly due to the fact that various platforms have launched new coins to cut leeks, the endless unlocking of project parties, and the accelerated removal of the so-called non-compliant currencies they screened by the big platforms, especially the decline of Ethereum. These are all the reasons for the poor market of altcoins. Although Bitcoin is only a millimeter away from its historical high, this is not a reflection of the bull market. It is just the sensational effect of the US presidential election. There are only 5 days left until the US presidential election. After the recent washout and sideways trading, and the indicators have been repaired, Bitcoin will break through the historical highs and set new highs at any time.
Although Bitcoin has fallen sharply at present, fortunately, the key support position is still stable. It is not clear whether today's non-agricultural data will continue. If you follow the trend, it is still mainly short. The big Yin engulfed the decline on the daily line, and the trend is continuous. However, it is common to see a big Yin retracement in the long-term rising pattern. There is no bull that only rises but not falls, and there is no short that only falls but not rises, so whether it is a single Yin or a continuous Yin still depends on the continuation of the pattern. At present, this callback has not fallen below the key support position. In terms of form, it is still regarded as a correction trend in this rise.
