Tonight, the September unemployment rate and non-farm payrolls will finally be released...
But in reality, it won't have much impact on the medium-term downtrend... Powell said October's rate cut would be defensive, and December might not be, and the market has already priced in the significant drop following the rate cut.
For this wave of Bitcoin's decline, I only see support at $91,000-$94,000.
If there's some irrational panic selling, then the lowest point might be around $88,000...
I don't think it can break through directly to the $70,000 support level...
Currently, there's no need to panic too much above $88,000.
After all, it's already dropped more than $20,000 from $116,000... No market moves in one step; even in a one-sided trend, energy needs to accumulate, whether it's upward or downward momentum.
Of course, this is assuming it's at a key support/resistance level.
Therefore, around the current price, we can expect a period of consolidation within the red circle.
However, this is unlikely to be the end of this decline.
Clearly, as shown in the chart, I remain bearish on the medium-term trend.
Good luck everyone! (^.^)Y Ya!!