Cryptocurrencies maintain their momentum in the market. Bitcoin (BTC) is currently above 34,500 Dollars, while Ethereum (ETH) exceeds $1,800indicating a positive trend in the crypto world.
Bitcoin, in particular, traded in a narrow price range for much of September and October, ranging between 19,000 and 20,000 dollars. This leads analysts to speculate on the possibility of a next major move, either up or down.
The weekend does not bring significant changes in the situation of digital assetsand Bitcoin continues its positive trend. Optimism in the market is strengthened with the hope that BTC exchange-traded funds (ETFs) will be approved sooner than expected, although the Securities and Exchange Commission (SEC) decides on the matter in January 2024.
Regardless of whether ETFs are approved or not, It Looks Like Digital Assets Are Heading For Bigger Gains In The Coming Days.
Bitcoin: what to expect in November
Some experts believe that the recent moderation in Bitcoin’s rise, after reaching a new yearly high above $35,000, represents consolidation before a possible bullish rally by the end of the year. Howeverothers believe that the increases are exaggerated and that regulatory challenges still pose significant risks.
The financial market is awaiting the Federal Reserve (Fed) in the coming days as it is expected to pause in its interest rate increase cycle. This could influence the direction of financial markets in general.
As for Bitcoin’s volatility, some indicators suggest that it is at all-time lows, which could indicate the possibility of a major next move, either up or down. However, technical analysis showsto some weakness in the price of Bitcoin and the lack of signs of strength in its price series.
Additionally, an indicator known as Bollinger Bandwidth has dropped to its lowest since 2020, which has historically preceded a spike in Bitcoin volatility. often accompanied by price drops.
In summary, the cryptocurrency market is in a time of uncertainty, with varying opinions on its future direction heading into November. Limited near-term selling pressure and other economic and regulatory factors suggest investors should remain vigilant and prepared for potential significant moves in the coming months.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
