. Weekly Crypto Analysis - Bitcoin's Surge and November's Decline, Traders Concerned

Weekly Crypto Analysis – Bitcoin’s Surge and November’s Decline, Traders Concerned

Weekly Crypto Analysis – Bitcoin’s Surge and November’s Decline, Traders Concerned

04 Nov 2023

Introduction:

In the world of cryptocurrency, Bitcoin faced a 3% decline in November after its impressive 27.9% surge in October. Investors chose to take profits while awaiting the launch of an ETF. Despite this, institutional crypto funds received their largest weekly inflow in over a year, indicating continued faith among long-term investors. The Federal Reserve’s decision not to increase interest rates did not have the expected impact on Bitcoin’s price. Meanwhile, other developments in the crypto market include Ethereum’s stable performance, Ripple’s steady position, and Solana’s 20% rise from October 30 to November 3.

Bitcoin:

Bitcoin experiences a 3% drop following its October surge, as investors engage in profit-taking and await the launch of an ETF.

In November, Bitcoin witnessed a 3% decrease, following a substantial 27.9% surge in October. Market analysts attribute this drop to traders capitalizing on their profits. Notably, this happened shortly after $21.1 million worth of assets were liquidated within half a day, and there was a significant reduction from last month’s peak trading volume of $14.7 billion.

The drop in trading volumes indicates a rise in profit-taking actions, with more than 81% of Bitcoin investors currently in a profitable position. Nevertheless, institutional cryptocurrency funds have witnessed their most substantial weekly inflow in over a year, demonstrating ongoing trust in Bitcoin from long-term investors.

The Federal Reserve’s choice to refrain from raising interest rates hasn’t had the expected positive impact on Bitcoin’s price.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 34704.37 | Negative Crossover | Bearish
  • MA 20: 32717.20 | Positive Crossover | Bullish
  • MA 50: 30296.93 | Positive Crossover | Bullish

Simple:

  • MA 5: 34846.12 | Negative Crossover | Bearish
  • MA 20: 32394.43 | Positive Crossover | Bullish
  • MA 50: 29141.61 | Positive Crossover | Bullish

RSI (Relative Strength Index): 73.17| Buy Zone | Bullish

Stochastic Oscillator: 15.52| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 34961 | R2: 39563
  • S1: 31775 | S2: 28589

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy: 35976.63 | Take Profit: 39515.23 | Stop Loss: 33555.48.

Elsewhere In the Crypto Market.

Over the last 24 hours, the price of ETH has maintained its stability, following a 3.15% gain provided to its holders. Ripple’s price remained above the $0.59 mark on Friday, coming close to its local high of $0.62. Between October 30 and November 3, the price of Solana surged by 20%, rising from $32.91 to its present value of $39.41.

Bitcoin up (0.07%) at 34,751.0, Ethereum up (0.36%) at 1,839.2, Litecoin up (0.16%) at 69.61, Solana up (7.92%) at 41.84, Doge coin up (0.85%) at 0.068.

Key Economic Events & Data Release for Upcoming Week:

(AUD) RBA Interest Rate (Nov) (Monday).

(EUR) German Industrial Production (Mom) (Sep) (Tuesday)

(EUR) German CPI (Mom) (Oct) (Wednesday).

(EUR) German GDP (QoQ) (Q3) (Wednesday).

(USD) Fed Chair Powell Speaks (Wednesday).

(USD) Crude Oil Inventories (Wednesday)

(USD) Initial Jobless Claims (Thursday).