According to Woofun AI, the US New York stock market showed an overall upward trend, driven by the strong artificial intelligence sector. This recovery in traditional financial markets was directly transmitted to the crypto sector, driving the Bitcoin price back to near the $74,000 mark.
Despite the rebound in digital asset prices, the internal structure of the market is still weak. Short-term holders' stop-loss behavior and concerns about rising macro interest rates are intertwined, so overall investment sentiment has not improved significantly as prices have risen; on the contrary, it has shown cautious characteristics of volume-price divergence.
Judging from the performance of the US stock market, all major indices recorded significant gains during the morning trading session on the 11th local time. The S&P 500 rose 104.50 points, or 1.39%, to close at 7625.43 points; the Nasdaq Composite Index, which is dominated by technology stocks, showed a stronger performance, rising 512.19 points, or 2.04% to 25578.10 points; the Dow Jones Industrial Average rose 93.04 points, or 0.18%, to 52324.90 points; the Russell 2000 ETF (IWM.US), representing small and medium stocks, also rose 2.31 points, or 0.82% , reported at 282.89 points. The core driving force of this market comes from artificial intelligence cloud service company CoreWeave (CRWV.US). The company's stock price soared 20% as third-quarter revenue exceeded market expectations and raised full-year performance forecasts.
Furthermore, NVDA.US (NVDA.US) rebounded 2.7% on the same day after experiencing a correction of about 10% at the beginning of the month; the news that Anthropic is about to conduct an initial public offering (IPO) also provided additional valuation support for the technology stock sector. Ross Mayfield, an investment strategist at Bader Private Wealth Management, pointed out that CoreWeave's excellent performance and market expectations for an Anthropic IPO are substantially improving the investment climate throughout the artificial intelligence industry.
In the cryptocurrency market, although most mainstream currencies followed the rise in US stocks, there are obvious signs that trading momentum is weakening. According to data compiled by Woofun AI, the total market value of all digital assets reached 2.47 trillion US dollars, up 1.86% from the previous day;
However, the 24-hour trading volume was only $61.41 billion, a sharp drop of 13.66%, indicating insufficient capital inflows to support price increases. Bitcoin (BTC) rose 1.98% to $74,437.33, and its share of market capitalization is 60.4%. Other major coins performed as follows: Ethereum (ETH) reported $2,091.52, up 3.26%; Binance Coin (BNB) reported $686.73, up 2.18%; Ripple (XRP) reported $1.07, up 2.53%; SOL reported $85.20, up 3.60%; HYPE reported $73.98, up 3.86%; Monero showed relatively strong performance at $593.78, up 6.53%; Dogecoin (DOGE) reported $0.06911, up 2.73%; ZEC traded at $1,011.97, up 0.48%; TRX bucked the trend and fell 0.45% to $0.3161.
Despite the price rebound, the sell-off pressure and macroeconomic pressure faced by the market are still severe. In the last 24 hours, short-term holders transferred approximately 48,500 bitcoins to the exchange, with up to 47,300 of them in loss, showing clear signs of leaving the market with a stop-loss. At the macro level, the US consumer price index (CPI) rose 0.4% month-on-month in October, exceeding market expectations and increasing concerns about inflation. According to the CME federal funds rate forecasting tool, the possibility of a 0.25% rate hike in December has risen to around 90%. In the derivatives market, the 24-hour liquidation scale reached US$174.21 million, of which the settlement amount for short positions reached US$185 million, far exceeding US$63.35 million for long positions; the total amount of open contracts was US$343.08 billion, a decrease of 2.34%. Digital asset analyst Ted Piros analyzed on the X platform that Bitcoin has a large amount of short position liquidity in the $76,000 to $77,500 range, and if the stock market continues to rise, BTC is expected to return to this range.
However, Coinpedia warns that if BTC fails to break through the $76,000-$77,000 resistance level, the $72,000-$73,000 support level will be tested, and once broken, the price could drop further to $70,000.
Currently, the 'Fear and Greed Index', which reflects investor sentiment, is 27 and is still at the 'fear' level, indicating that market confidence has not actually recovered.