The first weekend of November has arrived, and as the rally temporarily calms down, cryptocurrency investors seem to be cautious. As of the time of writing, the price of Bitcoin is $34500
The first weekend of November has arrived, and as the rally temporarily calms down, cryptocurrency investors seem to be cautious. As of the time of writing, the price of Bitcoin is $34500. So, what does the current market situation indicate? Will the upward trend of cryptocurrencies continue?
Bitcoin (BTC) Analysis
The price quickly climbed to the $36000 mark, but the pace of decline was also rapid. After such a rapid rise, it is not surprising that there has been a slight adjustment. However, the fact that a higher level of support reduces investors' concerns. When the market is in an upward trend, a decline is considered a buying opportunity, but it is important to determine the local bottom level before buying.
Michael Saylor, founder of MicroStrategy, stated that the current price may be an excellent entry opportunity for investors willing to wait for 12 to 48 months. The company's latest financial report shows that they have acquired an additional 155BTC.
In terms of Bitcoin prices, profit taking prevented the upward trend, reaching $35985, with prices struggling to maintain below $35000. If support is lost and the closing price falls below $33390, the price may fall back to $32611 and $31200.
Overall, in the upward trend, bulls strongly defend the 20 day moving average. If the level remains unchanged, it indicates that the trend is still positive. Bulls may make new attempts later, pushing the price up to $40000.
The Federal Reserve's swap pricing is expected to cut interest rates by 100 basis points next year, instead of 50 basis points. This is the result of today's price trend and Powell's relatively optimistic macro statements. As interest rates rise, they will decrease, forming the image of the Federal Reserve about to reverse from its peak period.
Ethereum (ETH) analysis
Although the ETH price briefly broke through the resistance level of $1865 a few days ago, it followed in the footsteps of Bitcoin and retreated. Short sellers may try to pull prices towards the support level of $1746. This may occur simultaneously with the support testing of BTC. For Ethereum, closing below the support level will indicate a return to a bearish trend.
If bulls can overcome the aforementioned resistance, they may test a psychological resistance level of $2000.
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