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Bitcoin’s Fate on U.S. Election Day: Predicting Market MovementsAs the world closely watches today’s U.S. presidential election, the crypto market is gearing up for a reaction that could be pivotal for Bitcoin’s future. Historically, U.S. elections have had a positive impact on cryptocurrencies, and many traders are optimistic about Bitcoin's outlook. With two contrasting candidates—one a proponent of crypto and the other leaning towards regulation—the stakes are high for Bitcoin holders and investors alike. A Trump Win: The Fuel for a Parabolic Bull Run If Donald Trump, a vocal supporter of cryptocurrency, secures the win, the market is likely to respond with a powerful surge. Trump’s favorable stance on digital assets could inspire confidence among crypto investors, sparking a parabolic bull run that may push Bitcoin past its previous all-time high. Many traders are poised to buy into Bitcoin if Trump’s victory is confirmed, anticipating a rush of institutional and retail investment that could propel prices to unprecedented levels. A Kamala Win: The Calm Before the Comeback In contrast, a win for Kamala Harris could trigger an initial wave of panic selling. Harris has shown a more cautious approach toward cryptocurrency, which may incite fear among investors and lead to a sharp pullback. However, it's important to note that strong support zones around $60,000, as indicated in the chart, are expected to buffer any drastic price drops. Despite the potential sell-off, these levels have historically provided resilience and could stabilize Bitcoin, leading to a period of consolidation. Once the initial shock settles and investors digest the news, the market may start to regain strength. Confidence in Bitcoin’s fundamentals could draw investors back, fueling a renewed push towards the all-time high. While a Kamala win might delay the anticipated bull run, the scenario of Bitcoin falling below critical levels like $50,000 or $40,000 remains highly unlikely. Caution: Trading Amidst Volatility For those trading with leverage, today and the coming days present heightened risks. Apart from the election, Thursday’s FOMC meeting will bring the Fed’s Interest Rate Decision, a significant event that could add volatility to an already charged market. It’s essential to tread carefully, as both events could create sudden price swings and impact liquidity. In conclusion, regardless of who wins, Bitcoin’s long-term outlook appears resilient. A Trump win may bring immediate bullish momentum, while a Kamala win might usher in short-term turbulence but is unlikely to derail Bitcoin’s upward trajectory entirely. Traders and investors should brace for a dynamic week, as Bitcoin prepares to navigate these significant events. Trade safe everyone, Cheers!
by MadeByAK
8
Mt. Gox Moves $2.2 Billion in Bitcoin Amid Repayment DelaysMt. Gox, the once-dominant but now-defunct Bitcoin exchange, made waves by transferring 32,371 CRYPTOCAP:BTC —valued at approximately $2.2 billion—to unmarked wallets. The timing of these movements is critical, given the already volatile landscape surrounding Bitcoin and ongoing uncertainties related to the upcoming U.S. presidential election. Mt. Gox Transfers 32,371 BTC to Unmarked Wallets Blockchain analytics firm Arkham reports that Mt. Gox has executed a massive transaction, moving 32,371 BTC to two unidentified wallet addresses. This event stands as the largest transfer from Mt. Gox in recent months. Specifically, 30,371 BTC went to a wallet labeled “1FG2C…Rveoy,” while the remaining 2,000 BTC was directed to a separate wallet named “1Jbez…LAPs6.” Additionally, an internal movement of 2,000 BTC between cold wallets suggests ongoing asset reorganization, likely in preparation for creditor repayments. This is not the first time that Mt. Gox has moved funds, as smaller transfers were observed last week. However, this latest transfer's scale has piqued market watchers' interest, sparking questions about its timing and the potential impact on the Bitcoin market. Repayment Delays Extended to 2025 The transfer comes on the heels of Mt. Gox announcing a delay in its repayment schedule. Initially set for October 31, 2024, the deadline has been postponed to October 31, 2025, following approval by a Japanese court. This extension gives the Mt. Gox Rehabilitation Trustee more time to sort out repayment plans, which many investors see as a temporary relief. However, there is lingering concern about the eventual release of a large volume of Bitcoin into the market, which could exert significant downward pressure on CRYPTOCAP:BTC prices if creditors decide to sell their holdings en masse. Market analysts are wary of how these delays and large-scale transfers could impact the broader cryptocurrency ecosystem, especially as repayment announcements from Mt. Gox have historically triggered market volatility. Market Reaction and Election Uncertainty The market's response to Mt. Gox's Bitcoin movements has been mixed. Some investors fear that the impending distribution to creditors could lead to substantial sell-offs, pressuring Bitcoin's price downward. These concerns come amid broader geopolitical and economic uncertainty, compounded by fluctuations in the U.S. presidential race. Bitcoin’s price has already experienced a 7% dip last week, largely attributed to uncertainties surrounding the U.S. election. Speculation is rife about potential regulatory changes, with some traders anxious about a Kamala Harris presidency, given her largely undefined stance on cryptocurrencies. Conversely, a more crypto-friendly administration could spur optimism among investors. Technical Outlook Despite these concerns, Bitcoin ( CRYPTOCAP:BTC ) has shown signs of resilience. As of now, BTC is trading up 1.53%, with an RSI of 54.82, signaling moderate bullish momentum. The daily price chart also indicates a bullish engulfing pattern forming, which is often a precursor to upward movement. Furthermore, a golden cross—a bullish technical signal where the 50-day moving average crosses above the 200-day moving average—is slowly materializing. Bitcoin’s immediate support lies between the $64,000 to $65,000 pivot range, and a short-term correction could be on the horizon. However, we are eyeing a potential surge to $75,000, with optimistic projections even stretching to $100,000, assuming bullish catalysts materialize. These factors include institutional inflows, market sentiment shifts, and broader acceptance of Bitcoin as a store of value amid economic uncertainty. What Lies Ahead Bitcoin’s trajectory is shaped by both macroeconomic elements and crypto-specific news. The Mt. Gox repayment delay has provided a reprieve, albeit temporary, preventing a massive influx of CRYPTOCAP:BTC into the market. Additionally, geopolitical events, such as the U.S. presidential election and looming concerns about regulatory shifts, add layers of complexity to Bitcoin’s outlook. Investors should also consider Bitcoin’s role as a hedge against inflation and geopolitical instability. As traditional markets brace for election-related volatility, Bitcoin’s status as "digital gold" may attract more attention, driving up prices. However, this is contingent upon market sentiment remaining favorable and no significant sell-off events—such as a large-scale release from Mt. Gox creditors—materializing. Conclusion Bitcoin’s road ahead is fraught with both challenges and opportunities. The Mt. Gox transfers and repayment delays have introduced another layer of complexity, while the upcoming U.S. presidential election adds to the uncertainty. Yet, technical indicators suggest that a bullish trend could be on the horizon, provided the market can weather short-term corrections and external shocks. As always, the crypto landscape is ever-changing, requiring both patience and mental fortitude from investors. The coming weeks will be pivotal in determining Bitcoin’s trajectory, and all eyes will be on key resistance and support levels as the market digests these developments
COINBASE:BTCUSDLong
by DEXWireNews
2
Bitcoin Breaks the Trendline: Breakout or Just Another Fakeout.?Bitcoin has once again breached its established trendline, raising the question of whether this is a legitimate breakout or just another false movement, akin to previous instances. At this juncture, Bitcoin could take two potential paths. For a significant downward shift to occur, Bitcoin must break through a critical support level of 66000 dollars. If this level is compromised, it may indicate a sustained downward trend. It's also important to note that upcoming events, such as the US elections, could have a substantial impact on market dynamics. Therefore, exercising caution and conducting thorough analysis before making any investment decisions is highly advisable.
COINBASE:BTCUSD
by Kartik_Elkunchwar
Bitcoin in the Zone: Major Levels to Watch! Bitcoin’s riding the edge with some serious levels coming up. On the downside, we’ve got key supports at $66,969, $66,054, and $65,000. If $65,000 breaks, a slide to $60,000 is very possible. On the upside, we’re eyeing $69,249 first, and if we break through, we could be aiming for $73,500 and beyond!" Breakdown of Key Levels Current Support Levels First Support: $66,969 This level is Bitcoin’s first line of support. As long as it holds, BTC could stay in a good position to push higher. Second Support: $66,054 If we drop below $66,969, the next stop to watch is $66,054. Losing this level could signal a stronger downside move. Major Support at $65,000 $65,000 is the critical level to keep an eye on. If Bitcoin slips below this, we’re likely looking at a bearish move, with $60,000 as the next realistic target. Upside Targets First Target: $69,249 On the upside, if BTC holds support and gains some momentum, $69,249 is our next target. We might see some resistance here, so it’s a spot to watch for a possible pullback. Second Target: $73,500 If Bitcoin breaks $69,249 with strength, then $73,500 is the next big level in play. Breaking through this could mean BTC is primed for an even bigger push higher. Higher Target: Beyond $73,500 If we reach and hold above $73,500, the path is open for BTC to go for new highs. We could see buyers step in even stronger, and BTC might be setting up for its next major move up. Trading Tip Stay flexible here! BTC’s got some clear levels to watch. If we hold support, we could be heading for a strong upside. But if we lose $65,000, the drop to $60,000 becomes a real possibility. Keep these levels in mind, and let the market show you where it wants to go. if you like this analysis like , follow and boost our posts Mindbloome Trading / Kris Mindbloome Exchange
MARKETSCOM:BITCOIN
by Mindbloome-Trading
Bitcoin Bull Run Ignites: Eyeing New Highs Ahead of ElectionsOverview: Bitcoin (BTC) has recently demonstrated significant bullish momentum, breaking the $68,900 resistance level. This surge is supported by favorable financial news and the anticipation surrounding the U.S. presidential election scheduled for tomorrow. Key Levels: Entry Point: $68,900 Target 1 (T1): $75,146.69 Target 2 (T2): $84,392.46 Target 3 (T3): $92,059.49 Stop Loss: $66,500 Technical Indicators: Moving Averages: The 50-day and 200-day moving averages are trending upwards, indicating sustained bullish momentum. Relative Strength Index (RSI): Currently at 65, suggesting room for further upward movement before reaching overbought territory. Volume: Increased trading volume aligns with the recent price surge, reinforcing the bullish outlook. Fundamental Factors: The upcoming U.S. presidential election has heightened market interest in Bitcoin, with both major candidates expressing favorable views towards cryptocurrency regulation. Additionally, significant inflows into Bitcoin exchange-traded funds (ETFs) have been observed, indicating strong institutional support. Conclusion: The confluence of technical indicators and positive fundamental developments suggests a strong bullish outlook for Bitcoin. Traders should monitor the aforementioned target levels and adjust positions accordingly, keeping an eye on potential resistance as the market reacts to election outcomes. Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions.
COINBASE:BTCUSDLong
by insidermike
3
BTC IN UP MOVEMENT + TRADE PLANTrend Identification: Descending Channel: Bitcoin is currently in a descending parallel channel after an uptrend, indicating a potential bullish continuation if it breaks out of this channel. Previous Uptrend: The price came from an uptrend, and descending channels often serve as continuation patterns, suggesting a higher probability of an upward breakout. Key Support and Resistance Levels: Support Levels: $68,556.87: Major support near the recent low in the channel. $66,333.98: Secondary support zone that could act as a cushion in case of a downside move. $64,591.15: Historical support level providing a safety net if the price dips further. Resistance Levels: $72,198.87: Immediate resistance that BTC needs to overcome for a continued uptrend. $73,655.67: Key resistance area that, if broken, could trigger a strong bullish move. Indicators Analysis: RSI (Relative Strength Index): The RSI is close to the midpoint, indicating a neutral zone. However, an upward movement in RSI could signal increasing bullish momentum. Stochastic RSI: Currently near the overbought zone. It indicates potential upward pressure, but caution is needed as it may signal short-term exhaustion. Volume: Noticeable increase in volume around the support levels, indicating buying interest. Volume confirmation on breakout above the resistance line would strengthen the bullish case. Moving Averages: HMA (Hull Moving Average): Showing a slight upward trend, aligning with the potential breakout from the descending channel. Trading Plan Entry Strategy: Aggressive Entry: Enter a long position upon the breakout of the descending channel, ideally with a confirmed volume increase above $72,198.87. This would signal a possible continuation of the previous uptrend. Conservative Entry: Wait for a confirmed breakout and retest of the $72,198.87 level. If the price holds above this level after retesting, it indicates stronger bullish confirmation. Stop Loss: Place a stop loss slightly below $68,556.87 to limit downside risk. This area aligns with recent support, and a drop below it may indicate invalidation of the breakout pattern. Take Profit Levels: Primary Target: $73,655.67 (first resistance level). Partial profits can be taken here to lock in gains. Secondary Target: $76,000, if Bitcoin gains strong momentum after breaking through the primary target. This level could be achieved in a continued bullish scenario. Final Target: $80,000 as a psychological target, if there is sustained bullish momentum and no major resistance above. Risk Management: Position Size: Limit the position size to manage risk exposure, especially with the potential volatility in cryptocurrency markets. Trailing Stop: Consider using a trailing stop after reaching the first target to lock in profits while allowing for potential upside. Monitoring Indicators: Volume: Continuously monitor the volume as the price approaches resistance zones. Higher-than-average volume would support the breakout, whereas weak volume could lead to a false breakout. RSI and Stochastic: Keep an eye on these momentum indicators. If the RSI and Stochastic enter overbought territory and start to diverge, it could signal a potential reversal. Timeframe: This setup appears on a 4-hour chart, suggesting a medium-term trading perspective. Reassess positions if the breakout fails to materialize within the next few days.
Long
by elfabiiani
1
Bitcoin Faces Critical Week Amid US Presidential ElectionBitcoin ( CRYPTOCAP:BTC ) is at a pivotal moment, with the cryptocurrency market bracing for heightened volatility as the United States approaches a historic election. The impact of this key event, combined with a possible Federal Open Market Committee (FOMC) interest rate cut, is set to make waves across digital asset markets. At the time of writing, CRYPTOCAP:BTC is trading at $68,749.84, up 0.62% over the last 24 hours, with a daily trading volume of $35 billion and a market cap surpassing $1.35 trillion. Elevated Volatility Expected Traders are bracing for sharp moves in CRYPTOCAP:BTC , as indicated by a 30-day gauge of implied volatility developed by CF Benchmarks. Caroline Mauron, co-founder of Orbit Markets, highlighted a potential swing of 8%, starkly contrasting the usual 2% fluctuation level. This suggests traders are preparing for significant market action, and expectations of volatility are reflected in the crypto options market. Political Uncertainty Looms Large The 2024 US presidential election adds another layer of unpredictability. Both frontrunners, Donald Trump and Kamala Harris, have expressed distinct stances on cryptocurrency and blockchain technology, setting the stage for shifts in market sentiment. Trump has boldly positioned himself as the "Crypto President," promising to elevate Bitcoin as a strategic reserve for the United States. His strong pro-Bitcoin rhetoric, coupled with a pledge to fire SEC Chair Gary Gensler—widely seen by the crypto community as an adversary—has fueled optimism among investors. Meanwhile, Kamala Harris's emphasis on tech innovation has kept speculation alive about how her policies might influence the crypto market. The political landscape’s close ties to the crypto industry could be pivotal, especially with the backdrop of regulatory debates involving the SEC and CFTC. Historical Trends and Market Sentiment Historically, Bitcoin’s performance has been closely linked to major political and economic events. Notably, the cryptocurrency has often rallied following US presidential elections, mirroring trends seen in traditional markets like the S&P 500. The Kobeissi Letter's analysis of past elections reveals that 83% of election years have yielded positive returns leading up to Election Day. However, these gains moderated post-election, emphasizing the importance of timing in market strategy. Technical Outlook: Mixed Signals From a technical perspective, Bitcoin’s charts reveal mixed but potentially bullish signals. Two critical patterns are forming on the daily chart: 1. Doji Candlestick Pattern: The emergence of a Doji pattern, which indicates indecision among traders, often precedes significant market moves or trend reversals. This formation suggests that market participants are awaiting key news, such as the election results and the FOMC decision, before committing to a direction. 2. Golden Cross Formation: The market is closely monitoring a potential Golden Cross, a bullish indicator that occurs when the 50-day moving average crosses above the 200-day moving average. While this pattern has yet to fully materialize, it is gradually building momentum, signaling possible upside in the coming weeks. Bitcoin’s Dominance and Macro Environment Bitcoin’s dominance remains robust at 59.2%, a testament to its evolution from a peer-to-peer (P2P) technology to a global financial asset. Amid ongoing concerns about inflation and economic uncertainty, CRYPTOCAP:BTC continues to be seen as a hedge against traditional financial risks. The potential for a 25-basis-point rate cut by the Federal Reserve this week could further boost bullish sentiment for Bitcoin, making it an attractive asset for risk-on investors. Long-Term Optimism Despite Short-Term Concerns Despite near-term worries about a potential market dip or crash on election day, long-term optimism prevails. Analysts are betting on a strong rebound, with Bitcoin potentially setting a new all-time high if bullish catalysts align. The overall crypto market remains in a consolidation phase, but any positive momentum in Bitcoin could see a cascade effect on top altcoins, setting the stage for a robust market recovery.
Long
by DEXWireNews
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COINBASE:BTCUSDLong
by Thief_Trader
1
Bitcoin Bull Flag Breakout Incoming – $100k Target!!Bitcoin is forming a bull flag pattern on the daily chart, hinting at a potential breakout that could propel the price towards $100,000. Currently trading at $65,859, Bitcoin is testing the upper boundary of the flag, with multiple rejections seen in previous attempts to break out. This consolidation within a descending channel, following a strong upward trend, suggests a bullish continuation if the breakout is confirmed. If Bitcoin successfully breaches the flag’s resistance, the measured move from the prior leg indicates a target of $100k. Bull flags are known for signaling a continuation of the prevailing trend, and with Bitcoin’s bullish momentum intact, a breakout could lead to a significant surge. Traders should watch for a clean break above the upper trendline as a confirmation of this setup.
Long
by GreenCryptoTrades
1
Are We Approaching a New All-Time High for Bitcoin...?Bitcoin has been following a specific trendline for almost two months, a pattern that has seen it bounce back from this line four to five times in the past. As it stands, Bitcoin is currently facing strong resistance at its all-time high, which is around 73400 dollars. Meanwhile, the trendline serves as a crucial support level. Investors and enthusiasts are closely watching this situation, as the coming days will be critical. The main question on everyone's mind is whether Bitcoin will manage to its all-time high resistance or if it will break below the trendline support. Keeping an eye on these key levels is essential, as they may present significant trading opportunities. Stay vigilant!
COINBASE:BTCUSD
by Kartik_Elkunchwar
1
Bitcoin Roadmap==>Short term!!!Bitcoin ( BINANCE:BTCUSDT ) touched the 🎯 Targets 🎯 as I expected in the previous post ✅. Bitcoin started to rise well from the Support zone($67,620-$67,000) and the Support line again ( the start was accompanied by good momentum ). Regarding Elliott's wave theory , wave 5 seems to be completed . I expect Bitcoin to rise to at least the Support zone after breaking the Resistance lines . ⚠️Note: The American elections and the tension between Iran and Israel can easily change the scenarios of Bitcoin: if the tension between Iran and Israel increases, we can see the fall of Bitcoin, and if Donald Trump does not succeed in the US presidential election, we can see the fall of Bitcoin. And vice versa.⚠️ Bitcoin Analyze (BTCUSDT), 15-minute time frame⏰. 🔔Be sure to follow the updated ideas.🔔 Do not forget to put Stop loss for your positions (For every position you want to open). Please follow your strategy and updates; this is just my Idea, and I will gladly see your ideas in this post. Please do not forget the ✅' like '✅ button 🙏😊 & Share it with your friends; thanks, and Trade safe.
Long
by pejman_zwin
15
#BTC URGENT UPDATE:- 66k or $71.3k?That’s a tough doji there. The breakout was impressive, but sellers stepped in, and volume has dropped in the high 70k range. There's a liquidity zone around $66,300, which also aligns with a lower support level. Price may consolidate around this level, giving altcoins room for a short-term rally on Monday and Tuesday. Unless we break that $71378 in htf and ltf , these pumps can fail to sustain. With US election week ahead, expect market indecision. Play it safe, if you’re new to the market, it’s best to avoid futures trades this week. Wait for the event to pass if you value your capital. dyor, nfa. That's all for now. Cheers Do hit the like button if you like it and sharer your views in the comment section. Thank you #PEACE
BINANCE:BTCUSDLong
by Cryptorphic
1
Yes, Bitcoin can also do this - next move to watch out1️⃣ Bitcoin is retracing to its 60-day low, giving risk-takers a chance to enter the market’s next leg up right now 🪙. No rush, wait patiently. So, are we going to go up in November? It all depends on the next 10 days. If Bitcoin can hold above $65,000–$66,000 while the 3-day indicator resets, it’ll be a prime opportunity to re-enter the market. If Bitcoin fails to hold that level, we may need to wait for the 1-week (red line) indicator to reset instead. 📈 Bitcoin has rallied 34% from September to November, hitting overbought on all cycle indicators. Just like in 2021 , the 2-week cycle (light blue line at the bottom) indicates mid-term growth, while other indicators are beginning to retrace. 🔄 📉 If history repeats (and it might), the ideal re-entry will be when the 3-day indicator (violet line) dips below 20. Let’s stop gambling and start making sustainable money in crypto.
BITSTAMP:BTCUSDLong
by TheStrategyMaster
1
BTC price projection for November based on historical returnsI got data from CoinGlass looking at Bitcoin historical returns in November since 2013. BTC has accumulated 42.78% gains on average. With seven positive years out of eleven, November also has a median return of 7.12%, from opening (1) to closing (30). In particular, November’s best year was 2013 with 449.35% gains from day one to 30, followed by 2017 and 2020, with 53.48% and 42.95%, respectively. Meanwhile, 2018’s bear market resulted in -36.57% returns in November for Bitcoin, being its worst year followers by 2019. Bitcoin opened November 2024 at $70,272. So, if you project this price for the end of the month based on historical average and median returns, BTC could reach a range between: Median (7.12% = $75,275) Average (42.78% = $100,334) This, of course, is just for your entertainment, and the analysis shouldn't be used in isolation to make any financial decisions. I hope you enjoyed it. All things considered, Bitcoin price is impossible to predict with precision, as the market is extremely volatile and uncertain. Investors should understand what they are buying and consider multiple factors before pressing the button.
CRYPTO:BTCUSDLong
by vinibarbosa
Bitcoin is going to 63k???!!!Hey guys! I know it's weekends, but some of the markets are working today and I decide to talk about current BTC position. So, we're making this cool off, which is also almost full A correctional wave and in 2 days we have US elections, which can be really affective. Plus the volumes have convergence with the movement RSI is still uncertain, and MA cross on 4H is bearish. For me, we could easily fulfill the C wave and after we can find the next enter point. Your thoughts? How elections will influence?
Short
by SheTradesHub
6
Bitcoin Faces Uncertainty Amid Mt. Gox BTC TransferMt. Gox BTC Movement Raises Concerns Bitcoin ( CRYPTOCAP:BTC ) markets were rattled by news on November 1 that $35 million worth of Bitcoin ( CRYPTOCAP:BTC ) associated with the infamous Mt. Gox exchange had been transferred to unmarked addresses. Blockchain intelligence firm Arkham disclosed that the defunct exchange moved a total of 500 CRYPTOCAP:BTC , split into two transactions of 31.78 BTC and 468.24 BTC. This transfer is notable as it marks the first significant movement from Mt. Gox-associated wallets in over a month. Currently, approximately 44,905 BTC, worth around $3.1 billion, remains in wallets flagged as Mt. Gox-associated, adding to market anxieties about a potential liquidation. The broader context deepens concerns: in early August, Mt. Gox moved 12,000 CRYPTOCAP:BTC worth $700 million, a signal that the pace of transfers is quickening. The repayment process for Mt. Gox creditors has been fraught with complications. In an official statement earlier this month, Mt. Gox extended the deadline for repayments by another year, pushing it to October 31, 2025. The delay is attributed to “system issues” and unresolved procedural steps by rehabilitation creditors, with the trustee even acknowledging incidents of double payments that required refunds. As these issues unfold, market participants remain wary of the potential impact of Mt. Gox-related liquidations on Bitcoin's price. Historical Context and Broader Market Fears Mt. Gox was one of the world’s first and largest Bitcoin exchanges, responsible for handling 70% of global BTC transactions at its peak before a series of hacks led to its infamous collapse in 2014. Since then, the repayment of creditors has been a lingering issue, casting a shadow over the market. The prospect of sudden, large-scale Bitcoin sales tied to Mt. Gox funds creates a cloud of uncertainty that traders and investors have come to dread. Technical Analysis From a technical standpoint, Bitcoin’s recent rally to $73,600 between October 26 and October 29 brought it within a hair’s breadth of its all-time high of $73,808. This surge, representing a 10% increase over just a few days, was followed by a sharp 5.5% correction. As of early trading on November 1, Bitcoin ( CRYPTOCAP:BTC ) fell below $69,000, but this pullback commenced hours before the news of the Mt. Gox transfer, suggesting that broader market forces were already at play. Currently, Bitcoin ( CRYPTOCAP:BTC ) is attempting to stabilize, trading at $68,000 to $69,000, with its RSI (Relative Strength Index) reading at 56. Indicating that CRYPTOCAP:BTC is maintaining support at the $70,000 level, albeit tentatively. The RSI suggests that selling pressure could persist, threatening a drop to the $65,000 support level if bulls fail to regain control. Conversely, if Bitcoin ( CRYPTOCAP:BTC ) can hold above the $70,000 mark and selling pressure subsides, it may pave the way for a more robust rally. Overheated Market Conditions Market sentiment data adds another layer of complexity. According to CryptoQuant, over 99% of Bitcoin’s supply was in profit when the asset traded at $72,323 on October 31. Such an elevated level of profitability indicates potential overheating, as more investors might be tempted to lock in gains, adding downward pressure on prices. Profit-taking could exacerbate the current correction, with key support zones under threat. Outlook: The Road Ahead The immediate future for Bitcoin remains a tug-of-war between bullish and bearish forces. The $73,000 mark serves as a pivotal point, acting either as a short-term resistance or the springboard for a new leg higher. Should Bitcoin break above this level convincingly, we could see fresh all-time highs, with projections ranging from $90,000 to $100,000. Such a move might be catalyzed by major market events, such as the upcoming U.S. presidential election. However, a failure to defend the $70,000 support could invite a steeper correction toward $65,000. Traders should watch for renewed selling pressure, particularly if profit-taking intensifies or if further Mt. Gox-related news emerges. The interplay of technical indicators, fundamental developments, and market sentiment will likely dictate Bitcoin’s direction in the weeks ahead. Conclusion Bitcoin's market remains on edge as concerns over Mt. Gox fund movements and the potential for profit-taking weigh heavily. The coming days will be crucial in determining whether Bitcoin can weather this storm or if a deeper correction is imminent. As always, traders and investors must stay vigilant, keeping a close eye on key support and resistance levels.
COINBASE:BTCUSD
by DEXWireNews
6
Bitcoin Analysis: Can the 68,500 Support Spark a Fresh Upswing?Dear friends, Today, let's analyze Bitcoin. After reaching a peak of $74,000, Bitcoin is now testing its main support level at $68,500. This area is where we expect strong support to form, and given the current situation, we are likely to see a bounce back toward the current resistance at $71,200. However, the question remains: is this bounce just a temporary move before a continued downward trend, or is it a signal of a potential new upward rally? Our key support is at $68,500, while the current resistance stands at $71,200. Additionally, the 200-day exponential moving average plays a crucial role in steering the trend back toward an upward direction. The support level around $66,500 also overlaps with this moving average, which can strengthen this support. What do you think the future trend holds for us? We look forward to your thoughts! 🌟
by arzdigitalistha
4
Bitcoin vs Halving vs US Election DatesLook at the history. Bitcoin bull cycle start after Halving event & US election. So accumulation period is prior to halving event and we can sell bitcoin after 1 year from the date of US election. As of historical data, the best time to sell bitcoin will be around November, December 2025. Disclaimer : The information and analysis provided in this publication are for educational purposes only and should not be construed as financial advice or recommendations to buy, sell, or hold any securities. The author and TradingView are not responsible for any investment decisions made based on the content presented herein. Always consult a financial professional before making any investment decisions.
INDEX:BTCUSDLong
by rukshan2102
2
Bitcoin Daily Chart -Indicates selling, it needs to rocket soon Bitcoin BTCUSD since arriving back up at the triple-top high zone and it would seem is preparing to launch a breakout of its price to all new higher-highs and higher lows, but perhaps Bitcoin's consolidation and a lack of higher prices the past couple of days this week, is starting to make BTCUSD look a bit weaker for a Short opportunity. No I don't think the Bitcoin price is going down with a huge sell margin, no price is simply in the 'squeeze' right now and we will see a gradual downward drift in price as consolidating price action occurs, and to a key support level or demand block, buyers will step-in at reduced Bitcoin prices and they will take advantage of a price that Bitcoin is likely to never revisit ever again.
EIGHTCAP:BTCUSDLong
by Easy_Explosive_Trading
ALERT: Bitcoin just hit >$70,000!🧵 With $100,000 in sight, you might wonder if we're truly ready for this next big move. Let’s dive into the cycles to find out 👇 1/ 🔍 Cycle Analysis can help pinpoint ideal entry points for Bitcoin—and eventually, altcoins. Here’s what we’re seeing right now (see the chart above): 2/ 📊 Today’s Reading (Oct 30): All three indicators (1-day, 3-day, 1-week) are above 80, meaning we’re officially in *overbought* territory. This usually signals a potential pullback. Translation? It’s a time to *sell*, not buy 🛑. 3/ 😱 So, why’s everyone so hyped on BTC right now? It’s simple: after half a year of sideways action, people are ready to see a breakout. BTC has been stuck between $60k and $70k for seven months. Altcoins have taken a beating during this time too, making it tough to profit 🩸. 4/ 😅 After this long wait, everyone’s desperate for upward movement. Many folks bought at the last high back in March and are now shouting “BUY!” in the hopes others will push prices higher. 5/ The Bottom Line 📉 - We’re in overbought territory, which typically signals caution. - The hype is real, but a retracement could offer better entry points soon. Let’s see how this plays out! 👀
BITSTAMP:BTCUSDLong
by TheStrategyMaster
2
BTC - NEW ATH Approaches and ALTSEASONThe first time I started talking about my outlook for BTC in 2024, was in MAY. This is the original post where I first propose the Elliot Wave theory, with a 30% multi-month correction: It's been a painful journey that required a lot of patience - but today, I am pleased to see that the idea has payed out by 95% so far. The play has always been a "multi-month" approach, and now it is the last push towards the new ATH which I believe to be anywhere from 82K upwards. _________________________ OKX:BTCUSDT
Long
by CryptoCheck-
1