weekly Overview on Cryptocurrencies

MARKET VIEW

Weekly changes: BTCUSD –6.80%

BTCUSD has already dropped 32.5% from its November all-time high of 69,095.24. The pair fixed the closing price of the week at 46,830.27.

BEARISH TRIGGERS

The pair declined due to new potential restrictions. The BoE's Governor issued a warning against crypto assets since the central bank doesn't consider them as currencies in the widely anticipated meaning. Later, the Russian central bank joined the anti-crypto campaign, not supporting its circulation in the country. BTCUSD fell below 45,500 upon the news.

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✍️ Comments on BTC at the beginning of the week on November 2, 2021

  Bitcoin has been trading in a tight range for the past few days around the $58-63k price zone.  It seems that extreme optimism is starting to cool after BTC hit an all-time high around $66,900 two weeks ago.  For now, traders are gearing up for a strong November and expect positive crypto returns later this year.

 Bitcoin has a trend of up 11%-18% in Q4, which is one reason why some analysts maintain their bullish outlook on crypto prices for the rest of the year.

 - Despite the dramatic price volatility, bitcoin's long-term uptrend remains intact.  And in general, analysts consider cryptocurrencies to be an early-stage investment.  Cryptocurrency trading firm QCP Capital wrote in a Telegram chat: “Cryptocurrency is not yet owned and there is still a huge knowledge gap, but the industry is rapidly gathering attracted the attention of professional investors.

 - In the last 24 hours, Bitcoin price fluctuated in a narrow range, the highest trading at 62,468 USD, and the lowest trading recorded at 59,562 USD.  The future of Bitcoin in the short term is a question that many investors are interested in.  Will the leading cryptocurrency recover to $67,000 next week and what could affect Bitcoin reaching new price highs?

 👉 Team's view: As in previous analysis, I still maintain the view that Bitcoin continues to accumulate so that this currency may explode after a few weeks of being "compressed".  The price of $70,000 will be the next level to conquer and each drop to $55-60k will be the ideal price range for our ace to buy to surf short (note that this high price area is better to surf than hold).

 (Currently BTC is at $61.6k under analysis)

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Bitcoin Price Outlook for August and September is “bearish”?

  Bitcoin futures are in the process of rolling over to August contracts and the initial outlook seems to be “bearish”.  The difference between the first, second and third-month futures contracts is almost zero

 - Traders seem to be turning back to selling Bitcoin through futures and speculative buyers are backing away.  That is seen by the fact that open interest is usually highest on days when Bitcoin is down.  - Without a daily supply coming from speculative buyers it would be very difficult for any cryptocurrency to rise in price.

 Last night, BTC received a boost from speakers at a conference, but compared to some of the spikes seen in the past, this rally looks insignificant.  Traders are unlikely to be impressed by this rally, as it has not yet come close to the 50% Fibo retracement level of the decline since mid-June at around $35,000.

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