Close Menu
    Bitcoin

    Bitcoin dips to $67,446 amid positive projections, eyes $70,000 rebound with Fibonacci sequence influence

    By No Comments3 Mins Read
    HI, new US government, flag, politics, USA, Capitol, US Congress, Shutdown, United States Congress, B-man, bitcoin, regulation

    30s Summary

    Bitcoin (BTC) fell 8% to $67,446 between October 29 and November 3, despite a promising market outlook. Following a pattern tied to the Fibonacci sequence, analysts predict that if the cryptocurrency surpasses $68,500 in the following days, it might quickly recover beyond $70,000. Cold Blooder Shiller, a mystery trader, supports this viewpoint, emphasizing the importance of maintaining a price above $69,000. Analysts highlighted that the current investment target concentrates around the $65,000-$66,000 mark. While the US election results might boost Bitcoin, a drop to $62,000 is possible if traders adopt a risk-averse approach.

    Full Article

    Between October 29 and November 3, Bitcoin (BTC) took a bit of a nose dive, dropping 8% to $67,446 over the weekend. Despite this, Bitcoin’s overall market looking promising. There’s a bit of a nervy feel preparing for the US presidential election results coming out on November 5.

    Turn back your calendar to September 6, and Bitcoin was sitting at a pretty low $52,510. From then, every correction in Bitcoin’s value has returned to the sweet spot, referred to as the “golden zone”, in the Fibonacci sequence – between 0.5 and 0.618.

    Over this past weekend, Bitcoin has shown this same pattern, closing above the 0.618 level. If Bitcoin can manage to safely land above $68,500 in the next two days, it’s pretty likely it’ll quickly recover higher than the $70,000 mark.

    Cold Blooder Shiller, a mystery trader, more or less said the same thing. He highlighted that getting back up to the $69,200 level is key. He highlighted that staying above $69,000 daily is a good sign of strength.

    We need to be on the lookout for Bitcoin to bounce back to $66,000. Bitcoin slipped below the $68,500 level, so everyone’s watching the $65,000-$66,000 spot closely. Skew, someone who studies crypto, picked up on a strong demand for Bitcoin around the $65,000-$66,000 mark. This pushed Bitcoin over $70,000 by the end of October.

    During this rally, there was a notable uptick from $66,000 to $67,000 on Binance, with spot buys pushing BTC over the $69,000 mark. This zone is now a clear target for future buying.

    This range has been a big impediment a couple of times prior before it was broken and started to support Bitcoin before the recent high of $73,660.

    After the US election results, this key area might give Bitcoin a much-needed boost. However, how things go in the polls could see Bitcoin exhibit some short-term declines if traders are feeling risk-averse and sit out for a few weeks, waiting for the market to return to normal.

    In this case, Bitcoin could drop back down to $62,000, especially since over $300 million in positions are around this value. There’s a major order at $62,000, which could result in a common retest of the 50-day, 100-day, and 200-day EMA levels.

    Related Posts