Precedes Essence

From the chart, the current price of BTC/USDT is declining, and multiple indicators show downward pressure. Here is the specific analysis:

1. Next Low Point

• From the chart, it can be seen that the price is below the two nearby resistance levels of 70,138 and 71,652, having continuously broken through multiple short-term and long-term moving averages, indicating a strong downward trend.
• The current price is close to the support level of 68,830. If the price falls below this support, it may delve further, with the next target low point potentially around 68,000 in the short term.

2. Support Levels

• First Support Level: 68,830, which is also the most recent 24-hour low marked on the chart. If it breaks below this level, it may intensify downward pressure.
• Second Support Level: Around 67,500, this level has historically provided some support and may again become effective support.
• Stronger Support Level: If the price continues to decline, around 65,000 may become a stronger support position.

3. Indicator Analysis

• RSI (Relative Strength Index): The RSI is currently around 30, close to the oversold area. This indicates that there may be some rebound in the short term, but if the downward trend intensifies, the RSI may continue to remain low.
• MACD: The MACD histogram continues to expand below the zero axis, indicating that bearish strength remains strong. The DIF and DEA are also continuing to decline in the negative zone, showing no clear reversal signals.

4. Impact of the U.S. Election

• Market volatility typically intensifies around the election. Investors may adopt a wait-and-see or reduction stance due to policy uncertainty, so the election may bring further volatility pressure to Bitcoin.
• In the short term, the uncertainty of the election may lead to an increase in risk aversion, with some funds flowing into traditional safe-haven assets like the U.S. dollar, which may exert some downward pressure on Bitcoin.

Summary

• Next Low Point: 68,000 (if it breaks below the support of 68,830).
• Key Support Levels: 68,830, 67,500, 65,000.
• Short-Term Strategy: The current trend is leaning towards downward, but it is close to the oversold area. If there are signs of stabilization near the support level, consider a short-term rebound, but closely monitor changes in market sentiment due to the U.S. election.

A highland where global retail assets gather.

Current Price:

• $68,124.01, the current price has a clear upward trend, up 1.46% in the past 24 hours.
• 24-hour high: $68,378.95, not far from the current price, indicating that a resistance level may be being tested.
• 24-hour low: $66,666, a short-term support level.

Moving Average (MA):

• 7-day MA: $67,386.78, the price has broken through this MA in the short term, indicating a strong short-term upward trend.
• 25-day MA: $66,732.37, BTC price is stable above this MA, further supporting the upward trend.
• 99-day MA: $63,183.89, the long-term trend is still bullish, BTC is currently well above the long-term MA.

Volume:

• The volume is 2,931.63K, which is larger than before, indicating that the market bulls are strong and the buying is active.

RSI (Relative Strength Index):

• RSI (6): 67.82, RSI (12): 66.93, RSI (24): 65.35, all three are close to 70, which means that the market is close to the overbought range and there may be a risk of a correction. However, market sentiment is still positive in the short term.

Future trend analysis:

1. Support level:
• Short-term support level: $67,386 (7-day moving average), if the price pulls back, it may get support in this area.
• Stronger support level: $66,732 (25-day moving average), which is the key support for the current correction.
2. Resistance:
• The current price is close to $68,378 (24-hour high). If this resistance is broken, BTC may continue to rise, and the next target may be around $69,000.

Overbought still exists. Beware of short-term pullbacks:

• In the short term, market sentiment is optimistic, but as the RSI is close to the overbought range, there may be a small pullback in the short term. It is recommended to pay close attention to the support level of $67,386. If the price stops falling at this support level, it may continue to rebound and try to break through the resistance level of $68,378.
• If it breaks through $68,378, the target may be $69,000 or even $70,000.

The decline within a day and a half is fine with the order. It can reach 67880. #btc # short-term

Resistance:

1. $66,498.00: This is a previous high point. If the price can break through this position, it may continue to rise.

2. Around $67,043.00: If the price successfully breaks through $66,498, this position may become the next resistance.

Support:

1. $63,646.51: This is the most recent support point. If the price pulls back here, there may be a chance of a rebound.

2. $60,344.79: This is a stronger support level. If the $63,646 position is not supported, this may be a good buying area.

#btc

The impact scores of multiple major events on $BTC prices - analysis based on creative scoring models

Escalation of conflict between Iran and Israel: +6 points
Geopolitical tensions often increase the attractiveness of Bitcoin as a safe-haven asset. If the conflict escalates further, it will trigger a larger regional war, thereby boosting investor demand for Bitcoin.

The probability of the Federal Reserve cutting interest rates by 25 basis points in November is 83.5%: +4 points
According to CME "Fed Watch" data, the probability of the Federal Reserve cutting interest rates by 25 basis points in November is 83.5%, and the probability of maintaining interest rates at 4.75%-5.00% is 16.5%.

Ethereum network gas fee rises to 68 gwei: +2 points
The increase in gas fees has increased the usage of the Ethereum network, reflecting the increase in market activity. When Ethereum's strong performance drives the rise of the entire crypto market, it has a positive impact on the broader market.

The surge in cryptocurrency sponsorships for Premier League clubs: +1 point
The short-term impact is limited.

Grayscale transfers 900 BTC to Coinbase: +1 point
The performance of institutional investors rebalancing their portfolios may cause market volatility in the short term, but the specific impact still needs to be observed in the subsequent trading direction.

Global cryptocurrency adoption rate is close to 8%: +2 points


Comprehensive score: +12 points
*Reference benchmark: The impact of the initial stage of the Russian-Ukrainian war is +10 points, reflecting the global attention to Bitcoin as a safe-haven asset.

Key moments in the future:

Market dynamics may intensify during the November 5 election and the Federal Reserve's interest rate announcement meeting.

#地缘政治 #美联储

Some chain reactions caused by the Bank of England's interest rate hike:

The policies of major central banks will affect each other. #美联储 may maintain or raise interest rates to keep the US market attractive to global capital.

The Bank of England's interest rate hike is usually a move to deal with inflationary pressure. In order to maintain the competitiveness of the US dollar, the Federal Reserve further #收紧货币 policy.

Sustained high interest rates will make traditional markets more attractive to investors, reduce the inflow of funds into cryptocurrencies, and have a certain suppression on the price of $BTC .

$SUI
• The current price is above the short-term moving average (MA7: 1.7279) and below the medium-term moving average (MA25: 1.7639). The long-term moving average (MA99: 1.6774) is below the price:
The long-term upward trend is still there, but there is a certain pressure on the short-term and medium-term prices.
• MA7 and MA25 are flat, and the price is in consolidation:
The short-term momentum for rising or falling is weak, and it remains volatile.
• The trading volume has shrunk significantly in the recent period, and there is a lack of new capital driving force.
• MACD has weak momentum and convergence trend. Near the zero axis, the long and short forces are relatively balanced.
• The MACD line and the signal line are close to intersection. If a golden cross is formed in the short term, there will be a clear buy signal. The buy signal will be released separately.

Support level: 1.6939
Resistance level: 1.7705

The market is currently in a volatile consolidation stage, and the price fluctuates between the 1.6939 support level and the 1.7705 resistance level. The trading volume is small and the momentum is weakened.
The price remains above MA99 (1.6774), and the long-term upward trend remains unchanged. If MACD and other indicators form a golden cross and increase in volume, the price is expected to break upward, with a target of above 1.7705.
Operational suggestions: Pay attention to the breakthrough of 1.6939 support and 1.7705 resistance. Key operational decisions can be made near these two positions. If the resistance is broken, you can consider buying; if it falls below the support, you can consider selling.