November 9 Market Observation

The market has finally calmed down. There was a breakthrough in the US government budget deadlock—just the day before, the two parties were still exchanging accusations, and the next day, news emerged that an agreement was close. This rapid change of sentiment really treats the crypto market like a puppet on strings.

Things are also not peaceful in the crypto space. A certain stablecoin experienced de-pegging issues, which also drew regulatory attention to DeFi protocols and oracles. Essentially, someone couldn’t repay their loans, triggering a chain reaction—prices plummeted, and the entire market panicked.

Bitcoin is currently fluctuating above $100,000, while ETH fell below $3,500 and continued to test lows around $3,350.

**About BTC:**
The main trend is still downward. The resistance at 98,500 is still being digested, and market sentiment remains quite bearish. This move between 98,500 and 114,500 is particularly critical. Especially the 98,500 support level—keep a close eye on it.

For a short-term rebound, look for support at 99,500 and resistance at 104,000. As for stop-loss? If you’re a seasoned trader, you know the importance of risk management. Don’t let market noise dictate your moves.

If the price breaks above 104,500, target 107,500–110,000; if it breaks down, aim for 78,000–92,000.

**Regarding ETH:**
ETH has been very aggressive recently, surging towards 3,500 but failing to hold that level, leading to a pullback. The previously mentioned entry point at 3,360 still offers opportunities, but the market seems not satisfied yet. The support zone around 3,200–3,250 might be tested again, and the 3,300 level must be respected. For short-term trading, no detail should be overlooked.

Currently, key support is at 3,050, with a core consolidation zone between 3,167 and 3,480.

When market volatility increases, staying calm is more important than anything else.