Yesterday, Bitcoin started to rise and has already surpassed the previous high point, reaching up to 75,000. Yesterday, it clearly indicated that construction can be initiated. The expectation of this round of rise is related to the election, with Trump's current higher support rate. Currently, it has once again entered overbought territory on the 4-hour chart. It is necessary to watch the election situation during the day. If Trump's support rate remains higher, it might continue to rise; otherwise, it may start to pull back. To prevent unexpected situations, consider setting a trailing stop loss at 73,000. Watch closely during the day, wait for the election results. Maintain a healthy level on the daily chart, weekly chart level.Golden crossAlready formed, maintain holding, with firm confidence for the bullish continuation.
Altcoin Etheruem followed Bitcoin's synchronous rise yesterday, briefly breaking through 2,600. Currently, it is also approaching overbought levels on the 4-hour chart. Watch closely during the day, and continue to be bullish going forward, with the target range of 2,800-3,000 unchanged.
In terms of altcoins, they rose synchronously with the mainstream. Hold patiently for SATS, consider clearing positions around 50. Uphold a mid-term hold for PEOPLE and continue to hold FTM.
Intraday market analysis
BTC on the 1-hour and 4-hour charts is in overbought territory, while the daily chart is returning to a healthy level. Watch closely during the day, as the long-term outlook has not weakened. Support below for the day is at 72,000-73,000, with resistance above at 75,000-77,000.
ETH has entered overbought levels on the 1-hour and 4-hour timeframes, while the daily timeframe is below healthy levels. It is recommended to observe intraday and maintain positions. The immediate resistance above is at 2700-2800, with support below at 2450-2500.
In 2024, during the decisive moment of the USA presidential election.
Today, in 2024, the USA presidential election enters a crucial moment, with the market having high expectations for the results. Looking back at historical data, past USA election results have often led to significant fluctuations in both traditional financial markets and the crypto market. In the history of cryptocurrencies, several elections have coincided with bull markets or have become key turning points driving market sentiment.
Therefore, the announcement of this election result may become the catalyst for a new bull market in the crypto space.
Currently, Trump's approval rating is relatively high, which has led many investors to closely monitor market reactions to his expected policies. Trump's advocated measures such as tax cuts, increased infrastructure, and industrial development are generally viewed as bullish by the market, and these policies may to some extent support assets like Bitcoin.Its price has soared to a historic high, closely related to market expectations of interest rate cuts by the Federal Reserve.On the contrary, if Harris wins, there may be a stronger emphasis on financial regulation and stable monetary policy, which could have a different impact on the crypto market's short-term sentiment.
Regarding the outcome of the US presidential election, I am more bullish on Trump's victory. Not only does he hold a supportive attitude towards cryptocurrencies and is willing to embrace innovation, but what is even more admirable is his fighting spirit at the age of 78. However, just like the consistent unpredictability of US elections, the results are difficult to predict like rolling dice. Before the unveiling, anything is possible. However, what can be confirmed is that regardless of the winner, the bull market cycle will continue. The halving of Bitcoin, the approval of Bitcoin spot ETF, the beginning of an interest rate reduction cycle, and the accelerated inflow of global capital are attracting more and more countries, institutions, and investors to join the crypto market. The footsteps of the bull market are quietly approaching, it's just that the market conditions are becoming more complex. External changes are constant, but the essence of the market remains unchanged.
Popular altcoins to pay attention to
PEPE
PEPE is a deflationary memecoin based on the Ethereum network, inspired by the meme culture of Pepe the Frog.
Similar to Shiba Inu and Dogecoin, PEPE is also chasing a similar market frenzy, but what sets it apart is that it does not charge trading taxes and as a purely memecoin, it does not have practical use.
In mid-2023, PEPE's market cap once reached a peak of 1.6 billion USD, triggering a meme coin craze. With its burning mechanism increasing coin value stability, PEPE has gradually become a hot topic on social media.
A total of 0.214 billion USD was liquidated across the entire network in the past 24 hours.
In the market downturn of Bitcoin's fluctuations, according to Coinglass data, in the past 24 hours, the total amount of liquidations across the entire crypto network exceeded 0.24 billion USD (with shorts at 0.138 billion USD), resulting in over 67,000 individuals being liquidated. Currently, Bitcoin's volatility has significantly increased, so investors should be cautious.
