The encryption market has experienced another moment of horror, with BTC briefly falling below the 60,000 US dollar mark and ETH falling below 2,900 US dollars. The contract market has exploded with long positions again, and the wrestling match between Harris and Trump has become intense. People generally believe that the old cannot beat the young, and some people ridicule that Trump's bullet missed. However, there is a noteworthy news that may have been overlooked by people: the BTC Reserve Act has been officially submitted to the U.S. Congress and is under review by the Senate Banking Committee. This BTC reserve was proposed by Trump. Despite the continued fluctuation in the market, the amount of BTC withdrawn from exchanges by whales has reached the highest level in nine years. In July alone, major holders increased their BTC holdings by 84,000, the fastest rate of BTC withdrawal from exchanges since around the period when BTC price hit bottom at around $220.

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The market suddenly experienced a big dump, and everyone is a bit confused about what's going on. Looking from the perspective of interest rate cuts, as soon as the non-farm payroll data was released, the probability of a rate cut in September surged to 100%, which theoretically is good news for the market. However, the market suddenly turned downward. What is the reason behind this? The non-farm data fell far short of expectations, indicating that the economy may be in jeopardy. The market may feel that the Fed's rate cut in September was too late and should have acted earlier. This may be the reason for the sudden big dump in the US stock market. In fact, the rapid fall of the encryption market, which is in a Bull Market, may be a prelude to the bottom. This can be seen from the volume ratio and Trading Volume of the market yesterday. Therefore, it is still recommended to pay close attention to the changes in the news and be prepared to lie in ambush in advance to seize the opportunity.
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From the perspective of the disk, BTC once again fell to a new low near 59888 with a Long Wick Candle. Pay attention to the position of 61500 for the Rebound first. If the Rebound is not successful, we mainly need to see if the position of 59800 can hold. If it cannot hold, we need to continue to fall. Pay attention to the support levels near 59800-59200-58500 below!
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ETH synchronously fell below the previous low, reaching a minimum of 2855. Pay attention to the rebound. Only when it stands above 2925 at this position, the rebound on the hourly level will begin. As usual, the market will not go up so quickly! We mainly look at whether the long wick candle can support the previous low of 2855. If it cannot be supported, it will continue to fall. Pay attention to the support levels near 2855-2800-2790 below!