Later today, the US Congress will release the Zeus job openings data for September, which may bring some volatility to Bitcoin. Although some market forces are actively suppressing price increases, Bitcoin has already stood above $71,000. From the perspective of the futures market, the fierce long-short game in the range continues.
The US election is coming, and as a key macro variable, the result of this US presidential election will have a decisive impact on the overall direction of the market.
Bitcoin dominance has climbed to a high of nearly 60%. The rise in this trend is not only good for Bitcoin itself, but also for the entire cryptocurrency market. This rise in dominance may also be a positive signal. The current capital inflow is mainly concentrated in Bitcoin, but as market liquidity is further released, altcoins will eventually usher in a boom. Bitcoin usually performs strongly in the fourth quarter, while altcoins have outstanding performance in the first quarter, which is always consistent.
If Bitcoin successfully breaks through the key price point of $100,000 before the end of this year, it may further confirm this and lay the foundation for the altcoin season in the first quarter of next year.
From the bull market cycle in 2017, Bitcoin prices reached cyclical highs, and retail investor interest also climbed rapidly and reached a peak. This shows that when Bitcoin prices rose rapidly, retail investor interest surged.
Then in 2018, the market entered a bear market, and retail interest dropped significantly, reflecting that investors gradually lost interest as prices fell.
This pattern was repeated many times in subsequent cycles. For example, in the bull market cycle in 2021, Bitcoin hit a new high again, and retail interest climbed to a high again, but then retail interest quickly fell back as the market pulled back. After entering 2022, retail investor interest appeared to be even more sluggish, which may be related to the increased risk awareness brought about by cyclical market fluctuations.