As a seasoned researcher with over two decades of experience in financial markets and a keen interest in digital assets, I find myself captivated by the current state of Bitcoin (BTC) at $75,000 on Nov. 7. The underlying market shift towards demand for BTC is palpable, and as we gear up for the new US macro event, the anticipation is electrifying.
On November 7th, Bitcoin (BTC) is holding steady around the $75,000 mark, with financial markets preparing for an upcoming major economic event in the United States.
Bitcoin trader sees “underlying market shift”
The price of Bitcoin soared to unprecedented peaks at around $76,480 on the Bitstamp exchange, but later experienced a slight dip. This information is corroborated by data sources such as CryptoMoon Markets Pro and TradingView.
As the dust settles on the US Presidential Election, BTC/USD continues to enjoy strong demand.
In his latest analysis on X, popular trader Skew argues that this is a decisive factor in buoying the market — one which was previously absent.
Today’s robust momentum has propelled prices toward all-time highs, breaking through a multi-month resistance zone (around $73K), and there are clear indications of a significant change unfolding within the market,” he noted.
“The underlying market shift here is a clear from the return of passive demand for BTC – Limit spot bids.”
Skew noted that sell-side liquidity now stands between the spot price and the $80,000 mark.
As a crypto investor, I noticed that the bid prices for limits on spot trading only increased and got quoted during the market’s breakout move. This leads me to believe that the market dynamics have now skewed more towards demand.
Anticipation grows for potential market fluctuations this afternoon, as the Federal Reserve convenes to discuss modifications regarding key interest rates.
Markets already predict a 0.25% cut will result, but the Federal Open Market Committee (FOMC) gatherings can nonetheless spark crypto and risk-asset volatility in their own right.
The information primarily stems from the speech and press conference delivered by Chair Jerome Powell following the meeting, as investors pay close attention to his choice of words to gauge the potential direction of future monetary policies.
As a researcher, I’m optimistic about the current situation, even though there might be a temporary pause or consolidation in the near future, as suggested by my analysis.
“I could be seeing potentially a move up towards the 77- 77.5k area , but then I am expecting a retracement due to market makers de-risking ahead of FOMC tomorrow.”
At the moment, according to the FedWatch Tool by CME Group, there’s a 97.4% likelihood that the Federal Reserve will lower interest rates by 0.25%.
BTC price targets include $100,000
As the value of Bitcoin continues to rise, there are growing predictions among experts that it may reach even greater heights.
Following its escape from an approximately eight-month long trading range, Bitcoin’s price against the US Dollar has sparked discussions among traders about potentially reaching even greater heights.
As a researcher, I’d rephrase that as follows: “In my previous analysis, I predicted the price of Bitcoin (BTC) would reach between $74,000 and $75,000, which it did. However, contrary to my expectation of a subsequent pullback, BTC has maintained its strength above the crucial support level of $72,700 today. As I mentioned yesterday, the break above the $69,000 mark served as a long trigger, but there was no corresponding signal for a potential pullback.
“As a side note, I’m seeing Binance perp whales continue to build longs vs. retail. So as long as that’s the case and Bitcoin is above $72,700, send it! FOMC tomorrow. If risk assets can survive that, this could be the $100k move everyone has waited for. Let’s see.”
Similar to Skew, Bennett emphasized that the region approximately $73,000 serves as a crucial boundary for bulls to defend moving ahead.
Moving forward, experienced trader Peter Brandt referred to the BTC/USD pair as being at the optimal stage of its ongoing bullish trend.
In his words, this “should top in the $130k to $150K range next Aug/Sep.”
Previously, our sources at CryptoMoon highlighted potential Bitcoin (BTC) price support points if the market were to reverse its current trend.
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2024-11-07 11:54