Oct.31-Nov.6(BTC)Weekly market recap
There were few updates after BlackRock’s iShares Bitcoin Trust was listed on the DTCC. Therefore, BTC continues to maintain fluctuation, and It's moving much like it did in late June. Also boosted by the news about ETF, BTC remained within a narrow range.
On the macro level, the latest employment data in the United States was released last week, with the unemployment rate rising and NFP data falling. A decline in the labor force will decrease inflation. Although it is difficult for monetary policy to affect crypto market now, it can be seen from CME’s latest forecast that an interest rate cut will be happened at the FOMC in June 2024. This will add liquidity to the market, which is good for crypto.
Like we said before, 35000 will provide massive resistance. BTC has fluctuated at this level for a week without any effective breakthrough. Just like the ME indicator shows a purple wavy area, BTC remains bullish at a larger levels. However, there is a high probability that it will continue to fluctuate in the short term. We maintain the original resistance level of 35000 and support level of 30000. Judging from the WTA indicator, the whale disappeared after the BTC pump, but there was no destructive candle, and shrimp made trading volume. This is one of the reasons why we believe there will be fluctuating in the short term.
We believe that BTC is more likely to remain fluctuating in the future. It may temporarily break through the high, but it will quickly return to the current level.
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.
On the macro level, the latest employment data in the United States was released last week, with the unemployment rate rising and NFP data falling. A decline in the labor force will decrease inflation. Although it is difficult for monetary policy to affect crypto market now, it can be seen from CME’s latest forecast that an interest rate cut will be happened at the FOMC in June 2024. This will add liquidity to the market, which is good for crypto.
Like we said before, 35000 will provide massive resistance. BTC has fluctuated at this level for a week without any effective breakthrough. Just like the ME indicator shows a purple wavy area, BTC remains bullish at a larger levels. However, there is a high probability that it will continue to fluctuate in the short term. We maintain the original resistance level of 35000 and support level of 30000. Judging from the WTA indicator, the whale disappeared after the BTC pump, but there was no destructive candle, and shrimp made trading volume. This is one of the reasons why we believe there will be fluctuating in the short term.
We believe that BTC is more likely to remain fluctuating in the future. It may temporarily break through the high, but it will quickly return to the current level.
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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