Oct.29-Nov.04(BTC)Weekly market recap
Last Friday, the non-farm payroll data fell significantly short of expectations, leading to a substantial increase in interest rate cut anticipations. The price of BTC surged before retreating, with the majority of traders attributing the disappointing data to the impact of the hurricane, as the market response was less than favorable.
Currently, the outcome of the U.S. presidential election is pivotal for the mid-term trajectory of BTC, given the differing monetary policy and inflation outlooks of the two candidates. Should Trump be elected, the promised favorable policies may come to fruition, increasing the likelihood of institutional investments in BTC, thereby enhancing its fundamentals as digital gold. Conversely, if Harris takes office, the SEC is expected to maintain its stringent stance on cryptocurrency regulations.
Last week, BTC experienced an initial rise followed by a decline, breaking through the resistance level to reach $73,590 on Tuesday. The WTA indicator showed the emergence of blue bars representing whales, but these disappeared after Saturday, indicating a withdrawal of significant capital. The ME indicator remains in a bullish trend.
In summary, we anticipate that BTC may experience considerable volatility this week. We have adjusted the resistance level to $74,000 and the support level to $67,000.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
Currently, the outcome of the U.S. presidential election is pivotal for the mid-term trajectory of BTC, given the differing monetary policy and inflation outlooks of the two candidates. Should Trump be elected, the promised favorable policies may come to fruition, increasing the likelihood of institutional investments in BTC, thereby enhancing its fundamentals as digital gold. Conversely, if Harris takes office, the SEC is expected to maintain its stringent stance on cryptocurrency regulations.
Last week, BTC experienced an initial rise followed by a decline, breaking through the resistance level to reach $73,590 on Tuesday. The WTA indicator showed the emergence of blue bars representing whales, but these disappeared after Saturday, indicating a withdrawal of significant capital. The ME indicator remains in a bullish trend.
In summary, we anticipate that BTC may experience considerable volatility this week. We have adjusted the resistance level to $74,000 and the support level to $67,000.
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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