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Golden Observation丨Bitcoin's strong recovery after falling in October, what is the mystery?



Golden Finance Blockchain News October 11 The second week of October has come to an end. What is surprising is that the price of Bitcoin has risen by nearly 6.5% compared to October 2, reaching $11,076.70, and the market value has returned to 200 billion USD or more. Compared to the peak of $10,500 that Bitcoin has not surpassed throughout 2019, this rally has surprised many traders, because it has broken through Bitcoin's most representative resistance area, which is also the strongest price support level.

The encryption market generally believes that "$10,500" is the most critical Bitcoin price level, because this price represents the historically important support level of the current price cycle and previous price cycles. Previously, many market analysts predicted that the price of Bitcoin would have a greater fall. However, after breaking through the support level of $10,500 and rebounding above $11,000, the market sentiment became optimistic. At the moment when Bitcoin breaks through the $11,000 resistance level, the biggest challenge in the near future will be a test of $13,000. According to the current macro price trend, $13,000 may be the main resistance level for Bitcoin's long-term rebound, and it is also the key resistance level for creating a new record high in Bitcoin price. If Bitcoin continues to stabilize and consolidate above the key support level, in the long run, the price may will soar to new highs.

Golden Noon News | November 26th at noon important updates: 7:00-12:00 Keywords: PayPayl, Grayscale, Coinbase, liquidation

1. Data: 499,000 addresses purchased 6.43 million ETH in the range of $531-547;

2. The PayPayl user's account is banned by PayPal for intraday cryptocurrency trading;

3. Grayscale BTC Trust increased its holdings by 2585 BTC

4. As of 11:30, the contract market liquidated 170 million USD and BTC liquidated 115 million USD;

5. Coinbase clarifies the company's discrimination behavior: it will continue to shape a diverse corporate culture;

6. South Korean police arrested a South Korean man for encryption fraud;

7. Balancer launched a vote to increase the upper limit of AMPL's liquidity to $3 million. [2020/11/26 22:11:57]

So why did Bitcoin suffer in the first week of October, falling as low as $10,500 at one point? That’s because various macro market negatives slowed Bitcoin’s upward momentum during the first five days of October. First, on October 1, the U.S. Department of Justice and the U.S. Commodity Futures Trading Commission sued multiple BitMEX executives, alleging that the bitcoin derivatives exchange violated the Bank Secrecy Act. Just 48 hours after the U.S. Department of Justice announced the arrest of BitMEX Chief Technology Officer Samuel Reed in Massachusetts, the price of Bitcoin fell by 5%. The second is the well-known U.S. President Donald Trump announced on Twitter on October 2 that he was infected with the new crown virus. The news quickly spread to the financial market, causing U.S. stocks to plummet, and Bitcoin was not spared. Bitcoin failed to test the $11,000 resistance level "in time" due to these two unexpected macro events in the space of two days. However, since then, Bitcoin has quickly recovered to above the price level of 11,000 US dollars, which has made the market look at Bitcoin's risk hedging ability with admiration.

BiKi and Jinse Finance and Economics jointly produced the sixth course of "Trading Open Course" to start soon: BiKi and Jinse Finance jointly produced the sixth course of Trading Open Course to start online at 20:00 on April 17. This course is " Everyone Can Do Contract Transactions", taught by Zhang Bin. Zhang Bin, the lecturer of this course, is the chief gold medal teaching consultant of BiKi Trading Academy, a BiKi gold medal broker, and a partner of Magic Capital. He has 4 years of digital currency trading experience and currently manages multiple digital currency quantitative funds.

BiKi perpetual contracts are now available for BTC, ETH, EOS, XRP, LTC, BCH, BSV perpetual contract transactions, and more exciting events are coming. [2020/4/17]

However, some people in the encryption community believe that it is a good thing for regulators to crack down on BitMEX, because compared with traditional assets, the details of encrypted assets lack consistency, and the market does not like various uncertainties. It is time for the digital asset ecosystem to clean up. The action taken by the U.S. Commodity Futures Trading Commission against BitMEX this time is positive for the long-term development of the encryption industry and is beneficial to Bitcoin in the long run.

Analysis| Golden disk: BTC adjustment is coming to an end. The long-short war is about to start: Golden disk comprehensive analysis: The golden disk analysis team suggested an intermission two days ago, in order not to participate in this fearless entanglement. , Fighting each other in the space of less than $200 is too entangled for the transaction, so the analysis team chooses to wait and see. Looking at it now, the main bulls still "adopted" the analysis team's suggestion, stepped back on $6,400 for the second time, and now a double-bottom pattern is formed here, so whether to break through $6,585 next is the key. Break through upwards, open up the upside, complete the attack on $6,760, and the bulls will break through the upward trend; if it fails, the short-term rebound ends and the second bottom begins. Prudent investors can wait for the trend to be clear to make choices. Market risk, the investment need to be cautious. [2018/9/16]

Speaking of this rebound, it has to be attributed to the following factors: first, the U.S. dollar has been falling for the past 14 days, which indirectly led to the rise in the price of Bitcoin and gold; second, market analysts generally believe that Bitcoin’s technical structure is good and A bullish trend has been formed; the more direct factor is that the news that Square has invested $50 million (1% of its total assets) to buy Bitcoin has boosted the confidence of the entire market.

Jinse Finance live report WBO Director-General Zheng Xiaojun: blockchain development provides opportunities for small countries to overtake in corners: Jinse Finance live report, at the 2018 Global Blockchain Summit Forum, Zheng Xiaojun, founder and director-general of the World Blockchain Organization (WBO) The speech also pointed out that the development of blockchain provides opportunities for small countries to overtake on corners, and the establishment of a series of innovations, blockchain systems, communities, licenses, and regulatory rules provides new development opportunities for small countries. For example, Malta has attracted a large number of blockchain companies to enter in the past three months, and has already ranked among the best in terms of transaction volume. [2018/4/29]

Compared with MicroStrategy's previous $425 million bulk purchase of Bitcoin, Square's "mere" $50 million investment in Bitcoin does not seem to be enough to support the price soaring. But while the money doesn't count as a "significant bet," its impact is thought to be huge. Square founder and Twitter CEO Jack Dorsey (Jack Dorsey) said that compared to investing 50 million, Square hopes to share how to buy bitcoin. It is reported that in the first two quarters of this year, the cryptocurrency trading application Cash under Square has traded more than US$1.1 billion in Bitcoin, especially in the second quarter of this year, the transaction volume was as high as US$875 million, an increase of 180% compared to the first quarter. %, an increase of nearly 600% compared to the $120 million transaction value in the same period last year.

Not only that, after a long period of silence, the Bitcoin "giant whale" has recently begun to take action. It has been observed that “whales” may be hoarding coins as they have been spotted between $10,407 and $10,570. Since "giant whales" usually spend longer holding coins, the $10,500 area is likely to remain a strong support level in the future. From this point of view, defending the $10,500 support level is also crucial to maintaining Bitcoin's upward momentum.

For Bitcoin's recent "fallback and rebound", most traders expressed a neutral and optimistic attitude, because the support level of $10,500 is relatively strong from the current point of view, and Bitcoin will not be significantly bearish in the short to medium term. The market generally believes that Bitcoin will fluctuate in the range of $10,500 to $11,000 after breaking through the $11,000 resistance level in the short term; in the medium term, as the $11,000 resistance level is broken down, the price will remain at this level above; in the long-term, Bitcoin may maintain a period of time between $11,000 and $13,000 and test a new all-time high.

Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, said that Bitcoin is likely to be still in its early stages, because the "smart money" and institutional funds are still pouring in, judging by the bold investments of Square and MicroStrategy recently, which points to The market is sending a long-term bullish signal, which will improve people's perception of Bitcoin as a store of value. Michael van de Poppe continued to say that the price of Bitcoin should first break through the resistance level of $11,000 to $11,200 before an "accelerated" rise, but for now, Bitcoin is still fluctuating at a low price between $10,500 and $11,200 . Another metric to watch is Bitcoin Realized Volatility, which is now down to 20% for the seventh time in five years. Historically, this has always been followed by a surge of over 80% in volatility over the next few months, meaning a short-term spike in bitcoin price volatility is possible.

It is worth mentioning that although the recent plunge in mainstream DeFi tokens has exacerbated market tensions, the recovery of Bitcoin prices has alleviated this negative impact to a certain extent and increased investor confidence. A favorable technical structure coupled with strong market fundamentals and growing institutional demand makes the overall market sentiment for Bitcoin look very bullish at this stage. What will be the trend of Bitcoin in the future, and will the market sentiment continue to be optimistic? Let us wait and see!

Part of this article is compiled from Yahoo Finance


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