The financial market showed significant fluctuations on Thursday, but overall performance was positive. The fall in the U.S. dollar index and the 10-year U.S. Treasury yield opened the door for capital inflows into risk assets.
The latest employment data from the US Department of Labor shows that the number of initial jobless claims dropped to 227,000 last week, revised up from 242,000 the previous week, while the number of unemployed reached a three-year high. Market observers believe that these data indicate the Federal Reserve will continue to cut interest rates at the November FOMC meeting. The CME FedWatch tool currently shows a 96% probability of a 25 basis point rate cut in November, up from 88% last week.
As of the closing, the S&P 500 and the Nasdaq indices both pumped, rising by 0.21% and 0.76% respectively, while the Dow Jones index fell by 0.33%.
In the encryption market, according to the data, BTC broke through the $68,000 resistance level after the mid-day session, and the bulls are gathering strength to impact $69,000. At the time of writing, the trading price of BTC is $68,154, with a 24-hour increase of 2.55%.
Source: BitpushNews
The market capitalization of the top 200 altcoins has pumped. Safe (SAFE) has the largest pump, up 44%, followed by cat in a dogs world (MEW) with a 24% pump, and Ravencoin (RVN) with a 17.3% pump. ZetaChain (ZETA) is leading the decline, with a 5.7% decrease in the past 24 hours, while ApeCoin (APE) is down 5.1% and BinaryX (BNX) is down 2.7%.
The current total market value of Crypto Assets is $2.33 trillion, with Bitcoin's market share at 57.8%.
golden cross potential triggers BTC long positions
Technical analysts point out that a golden cross is about to appear on the BTC trend chart, which means the shorter-term MA (such as 50-day MA (50MA)) is about to cross above the longer-term MA (e.g. 200MA). This technical indicator usually indicates an increase in bullish strength and optimistic market sentiment.
According to the chart provided by user Elija, the previous golden cross occurred in November 2023, when the trading price of BTC was around $33,000. After the golden cross appeared, BTC continued to rise and reached a historical high of around $74,000 in March this year.
Source: BitpushNews
TradingView analyst TradingShot's chart shows: 'BTC is in front of a major bullish formation, most likely to form a golden cross on the 1D timeframe structure next Monday, for the first time since October 29, 2023. As previously analyzed, the appearance of a new 1D golden cross a year later is not a coincidence, as seasonal and long-term cycles play a key role in BTC.'
Source: BitpushNews
This analyst believes that BTC has recently shown a strong bullish signal. Last week, the price of BTC successfully broke through the upper track of the long-term downtrend channel, and confirmed an effective pullback recently, indicating that the long positions are gradually strengthening. If this retest is successful, it will be the best short-term signal for setting a new high.
More importantly, since 2005, the price of BTC has been in a continuous upward trend, constantly setting new historical highs. This long-term rise trend provides a solid foundation for the current upward trend.
Combining with the recent appearance of 1 daily candlestick golden cross, the market's bullish sentiment towards Bitcoin is further heating up. TradingShot believes that BTC is expected to challenge the historical high of $73,800, and may even achieve this goal before the upcoming election day.
【Disclaimer】There are risks in the market, and investment needs to be cautious. This article does not constitute investment advice. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their specific circumstances. Investing based on this is at your own risk.
This article is authorized for reposting from: 'Foresight News'.
Original author: BitpushNews
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The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
Longs are powering up! BTC is about to form a golden cross, analysts say "this time" may reach a new high.
The financial market showed significant fluctuations on Thursday, but overall performance was positive. The fall in the U.S. dollar index and the 10-year U.S. Treasury yield opened the door for capital inflows into risk assets.
The latest employment data from the US Department of Labor shows that the number of initial jobless claims dropped to 227,000 last week, revised up from 242,000 the previous week, while the number of unemployed reached a three-year high. Market observers believe that these data indicate the Federal Reserve will continue to cut interest rates at the November FOMC meeting. The CME FedWatch tool currently shows a 96% probability of a 25 basis point rate cut in November, up from 88% last week.
As of the closing, the S&P 500 and the Nasdaq indices both pumped, rising by 0.21% and 0.76% respectively, while the Dow Jones index fell by 0.33%.
In the encryption market, according to the data, BTC broke through the $68,000 resistance level after the mid-day session, and the bulls are gathering strength to impact $69,000. At the time of writing, the trading price of BTC is $68,154, with a 24-hour increase of 2.55%.
Source: BitpushNews
The market capitalization of the top 200 altcoins has pumped. Safe (SAFE) has the largest pump, up 44%, followed by cat in a dogs world (MEW) with a 24% pump, and Ravencoin (RVN) with a 17.3% pump. ZetaChain (ZETA) is leading the decline, with a 5.7% decrease in the past 24 hours, while ApeCoin (APE) is down 5.1% and BinaryX (BNX) is down 2.7%.
The current total market value of Crypto Assets is $2.33 trillion, with Bitcoin's market share at 57.8%.
golden cross potential triggers BTC long positions
Technical analysts point out that a golden cross is about to appear on the BTC trend chart, which means the shorter-term MA (such as 50-day MA (50MA)) is about to cross above the longer-term MA (e.g. 200MA). This technical indicator usually indicates an increase in bullish strength and optimistic market sentiment.
According to the chart provided by user Elija, the previous golden cross occurred in November 2023, when the trading price of BTC was around $33,000. After the golden cross appeared, BTC continued to rise and reached a historical high of around $74,000 in March this year.
Source: BitpushNews
TradingView analyst TradingShot's chart shows: 'BTC is in front of a major bullish formation, most likely to form a golden cross on the 1D timeframe structure next Monday, for the first time since October 29, 2023. As previously analyzed, the appearance of a new 1D golden cross a year later is not a coincidence, as seasonal and long-term cycles play a key role in BTC.'
Source: BitpushNews
This analyst believes that BTC has recently shown a strong bullish signal. Last week, the price of BTC successfully broke through the upper track of the long-term downtrend channel, and confirmed an effective pullback recently, indicating that the long positions are gradually strengthening. If this retest is successful, it will be the best short-term signal for setting a new high.
More importantly, since 2005, the price of BTC has been in a continuous upward trend, constantly setting new historical highs. This long-term rise trend provides a solid foundation for the current upward trend.
Combining with the recent appearance of 1 daily candlestick golden cross, the market's bullish sentiment towards Bitcoin is further heating up. TradingShot believes that BTC is expected to challenge the historical high of $73,800, and may even achieve this goal before the upcoming election day.
【Disclaimer】There are risks in the market, and investment needs to be cautious. This article does not constitute investment advice. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their specific circumstances. Investing based on this is at your own risk.
This article is authorized for reposting from: 'Foresight News'.
Original author: BitpushNews