The Bitcoin iNovember begins with a slight rebound, remaining above 34,000 Dollars. In late October, the cryptocurrency surpassed $35,000 for the first time in 17 months, which keeps analysts alert in these last two months of the year.
October 24 marked a milestone when bitcoin reached its yearly high of $35,198. Since then, the cryptoasset market maintains a remarkable performance. Closing October, the capitalization of cryptocurrencies reaches its highest point of the year, with 1.26 billion dollars in total capitalization.
Last week, cryptocurrency and digital asset investment products see a significant increase in inflows, reaching its highest level since July 2022. Of all the capital invested in these products, bitcoin represents 90%.
Despite the 26.5% increase in the price of Bitcoin in October, is still around 50% below its all-time high of $69,900 in November 2021.
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.
Today, the market is awaiting the United States Federal Reserve (Fed), which announces its decision on interest rates. Chairman Jerome Powell and his team are expected to keep official interest rates at their current range (5.25-5.5%). However, the focus is on Powell’s subsequent statements, which provide more clues about the future direction of Fed policy.
Source: Ambito
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