Although there was breaking news over the weekend about the US invading Venezuela, everyone was worried that the market might become risk-averse due to concerns over worsening global situations. However, as the US responded quickly to the situation, the market experienced a significant rally on Monday, with US stock indices once again hitting new highs. BTC started from 86,000 USD on Sunday and rose to 94,000 USD, while ETH recovered the 3,100 USD level. At the same time, gold and silver also began to regain ground. The rebound and upward momentum continued on Monday, which is a normal response given the unstable global situation.
Since the sharp decline on October 10, BTC has been in a downward trend on the daily chart. Yesterday marked the first time it broke through the short-term downtrend line. If BTC can stabilize above 91,000 USD in the coming days, it would be an effective breakout of the short-term downtrend, opening the possibility to stabilize and challenge the long-term downtrend line, breaking a two-month downward trend. Conversely, if the breakout fails, the probability of BTC continuing to be bearish increases, and it may even drop back below the short-term support of 86,000 USD.
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