Crypto Weekly Report - Bitcoin Surges Towards 93,000 Amid Post-Election Optimism

Last Week’s Review

U.S. economic data last week was generally steady. October PPI data showed slight growth, and CPI met expectations, reflecting that the decline in inflation is not without challenges. Meanwhile, the U.S. job market remained robust. Federal Reserve Chair Jerome Powell remarked that the current economic state does not warrant urgent rate cuts. This hawkish sentiment temporarily caused a pullback in cryptocurrency performance.

On the geopolitical front, 18 U.S. states jointly filed a lawsuit against the SEC, accusing it of unconstitutional overreach and unfairly targeting the cryptocurrency industry. Additionally, Trump appointed Elon Musk to lead the government efficiency department, reigniting meme coin enthusiasm. These potential policy tailwinds kept cryptocurrencies strong.

This Week & Future Outlook

Upcoming events and data this week include global PMI releases, Nvidia and retail earnings reports. Central bank updates will feature speeches from the Bank of Japan and the European Central Bank, though their impact on cryptocurrencies is expected to be limited.

Market sentiment has soared, with the sentiment index rising from 75 (greed) to 88 (extreme greed). Bitcoin’s open interest surged from $46.53 billion to $56.3 billion, hitting a historical high. This indicates heightened enthusiasm among investors.

A closer look at open interest data reveals a divergence between short-term and long-term positions. While short-term positions have increased alongside Bitcoin’s new highs, long-term positions have declined. This suggests short-term positions are more susceptible to market news, potentially reducing market stability. Investors should remain cautious of pullbacks at relatively high levels.

Technical Analysis

Bitcoin’s daily chart shows consistent higher highs and higher lows, with moving averages in a bullish alignment, suggesting the trend remains upward. However, cautious investors concerned about short-term overbought conditions may opt to wait for clearer signals.

Trading Strategy
Enter a short-term long position at 88,474.
Stop-loss: Below 85,730. Target: 93,287–95,000.

Disclaimer: The above content is for reference only and does not represent the platform’s stance. Investors should implement appropriate risk controls.