US stock indices opened sharply lower, #Bitcoin temporarily holding above the previous daily level of 75. Is the drop over? Let's talk about a few points I think are worth noting
1️⃣ Nearly 24 hours have passed since the Binance theft incident, and the sentiment may still need time to digest.
Currently, Bitcoin is indeed holding above 75. After withdrawals are reopened (I believe it will pass smoothly without a run), the main thing to watch is market sentiment.
The next support is around 68-72.
2️⃣ After the Binance security incident is safely passed, the main focus remains on oil prices and interest rate expectations.
Currently, oil price #WTI is near 105. Some core US stocks reported earnings below expectations, causing the US stock market to plunge.
If there is no rate hike in October but a likely hike in December, some of that is already priced in, but it will still suppress risk markets. Whether it will fall further is uncertain now.
3️⃣ Some core US stocks like Spcx, Micron, Nvidia, etc., have indeed fallen to attractive valuation levels. Personally, I think they are worth watching.
Whether the market will fall further depends on whether oil prices continue to rise, since most earnings reports are out. It's already at 105; how much higher can it go? Geopolitical tensions will eventually ease.
Once macro positives like a drop in oil prices are captured, US stocks will rebound immediately.
Overall, there is still a chance for a short-term rebound in the game, but a sustained upward trend is still early.
As for me, didn't I open a long on Google at 284 earlier?
DYOR
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