Bitcoin’s value has dropped by 4%, falling to $69,000. Despite this, BTC remains in the greed zone, with the Fear and Greed Index at 75. The month of October saw a 13% increase in Bitcoin’s value, leading analysts to predict further gains in November. The anticipation is high as BTC eyes potential price movements, even though the overall crypto market cap has dipped to $2.34 trillion, a decrease of 3.70%.
In the last 24 hours, BTC has seen a 4% decrease in price, now sitting at $69,376, which is 5.79% below its highest value. This slight dip may indicate a potential downward trend for the day. Bitcoin’s price has fluctuated between $68,779 and $72,662, resulting in a liquidation of $88.25 million worth of BTC during this period.
Looking at the weekly chart, Bitcoin has seen a modest 2.36% increase, starting the week at $67,695 and reaching a high of $73,544. Analysts note that Bitcoin’s recent spike to $72,000 follows an expected path, with a critical support level at $69,000. Holding above this level could lead to further gains, possibly reaching $78,000.
Meanwhile, the now-defunct Mt. Gox exchange has moved 500 BTC, valued at around $35 million, to undisclosed addresses. With the wallet holding a total of 44,905 BTC, this move has sparked speculation about the compensation process for creditors.
Examining Bitcoin’s technical indicators, the Moving Average Convergence Divergence (MACD) line suggests a brief bearish outlook, with the potential for a bearish run. The Chaikin Money Flow (CMF) indicator shows a decreased money flow at -0.08, while the daily trading volume has increased by over 13% to $44.56 billion.
The current market sentiment is neutral, with the daily relative strength index (RSI) hovering around 45. The short-term 50-day moving average remains above the long-term 200-day moving average. The price chart indicates the possibility of both upward and downward corrections, with a potential drop below $69,000 or a break above $70,000 to reach the all-time high of $73,750.
In other news, crypto firms are facing a $400 million SEC enforcement bill under Gensler’s leadership, signaling increased regulatory pressure in the industry.
