QCP: If Bitcoin cannot break through the 116K level, it may break the "Uptober" uptrend that has lasted for seven years

ChainCatcher news, QCP released a briefing stating that the cryptocurrency market has temporarily gained some breathing room after preliminary progress in US-China trade negotiations, but three key events this week will test the market.

The meeting between Trump and Xi on Thursday may result in a trade agreement, the outcome of which could surpass the impact of the Federal Reserve's interest rate decision on Wednesday. Investors are closely watching whether the Federal Reserve will end its three-year quantitative tightening program. Meanwhile, the US government shutdown has reached 26 days, leading to a lack of market data, prompting investors to focus on earnings reports from tech giants like Microsoft and Amazon.

Bitcoin has performed modestly in October, and if it cannot break through the 116K mark, it may break the "Uptober" upward trend seen over the past seven years. Under the influence of multiple macro factors, the cryptocurrency market may maintain a range-bound oscillation pattern in the short term.