Our weekly feature. Our experts have analyzed the situation on the market. And told how it may change in the coming week for Bitcoin

Bitcoin trades on November 13 opened with a decline. They were held calmly. During the American session, the price fell to $36,534.

On November 14, the correction continued and intensified after the publication of data on inflation in the United States. And which slowed to a 7-month low. Bitcoin fell in price along with the dollar as sellers reached protective stops on long positions and took out weak players who entered the market around $37k.

Despite the mounting pressure, buyers held their defenses. On November 15, the bitcoin rate recovered to $37,858. The sessional rally was aided by optimistic expectations about the approval of a spot bitcoin ETF.

On November 16, the price corrected by 4.48% to $36,163 amid profit taking on long positions after the rally. The upward momentum faded as the U.S. Securities and Exchange Commission (SEC) again delayed a decision on two applications for cryptocurrency-related exchange-traded funds (ETFs).

The first application was submitted by Brazilian digital asset management company Hashdex. It proposed that the SEC convert its bitcoin futures-based exchange-traded fund, the Hashdex Bitcoin Futures ETF, into a spot bitcoin ETF. The SEC did not have time to review it within 45 days. Therefore, the decision on it was extended until January 1, 2024.

The second application was filed by the American company Grayscale – the largest digital asset manager in the world.

Grayscale expressed its desire to launch an ETF based on Ethereum futures – Grayscale Ethereum Futures Trust.The SEC also failed to review it within 45 days. And so the deadline was extended to January 15, 2024.

On November 17, bitcoin rose 1.25% to $36,613 at the end of the day.The price spent the day in the price range of $35,861 to $36,800 after falling to $35,500 on Thursday. Buyers are trying to keep the price above $35,500.And to then continue the upward movement pending ETF approval.

On cycles, the corrective phase ends on November 21. By timestamps, I have no change.With the bullish momentum fading, bearish sentiment is building. Buyers need to hold the $35k level to continue the rally before halving.

Key events of the past week:

• US inflation slowed to a 7-month low of 3.2% year-on-year in October, but had no impact on the crypto market.
• Bitcoin price approached $38k for the first time in a year and a half. This happened amid optimism around the possible approval of a spot bitcoin ETF.
• The bitcoin rate fell to $35,500 due to profit taking by investors after the price soared.
• Another delay by the SEC in deciding on applications to launch ETFs for bitcoin and Ethereum. This limited further growth.
• Bitcoin ended the week slightly lower, with buyers maintaining control of the market.

Last week, bitcoin traded in a range of $34,800 to $37,980.

What’s in store for us this week:

According to the cycles, the corrective phase ends on November 21. According to the time stamps, nothing has changed for me. As the bullish momentum fades, bearish sentiment is building up. Buyers need to hold the $35k level for the price to continue rising before halving.

Although a new growth phase starts on November 21, we expect a breakthrough to $42 th. from buyers on December 8. They should form a sideways trend above $35 th. And that will allow sellers to build up short positions, on which then buyers will “ride” up to $39 th.

On November 22, minutes of the US Federal Reserve meeting will be released. Investors will be watching them to understand the details of the FOMC members’ discussion at the last meeting. Decrease in the dollar index after the publication of the minutes may become a trigger for growth of quotations.

In the U.S. this week will celebrate the national holiday – Thanksgiving Day, which will reduce the number of working days. Accordingly, liquidity on the global currency market may be low. And volatility may be high. Most often, when the U.S. has a day off. Then the markets are traded in narrow ranges. Therefore, the price dynamics in the crypto market will be determined by the news around ETFs.

Bitcoin bulls still control the market. There are no signals to sell. Our experts are waiting for the publication of the Fed minutes and renewed activity of buyers.

Our experts note that short-term investors currently hold 2.33 million bitcoin in their wallets, which is the lowest in several years

Amid the approaching halving of bitcoin (BTC), which is expected in April 2024. That now the supply deficit of the first cryptocurrency has reached an all-time high. And this is what Glassnode analysts write about in a new report.

According to the authors of the report, the upcoming halving represents an important fundamental, technical. And even a “philosophical” milestone for bitcoin. The total supply of bitcoin is becoming increasingly scarce. And circulating supply is already at historic lows.

At the moment, the wallets of short-term investors contain 2.33 million bitcoin coins. And that is the minimum for several years. As a rule, it is this volume that can be considered the real supply on the market. Since statistically it is short-term investors are ready to part with their coins in the short term.

In addition, experts record a constant outflow of coins of the first cryptocurrency from the wallets of exchanges. At the moment, the number of bitcoins on exchanges has reached a minimum since March 2020.

Wallets noted by analysts as long-term holders, on the contrary, continue to actively accumulate bitcoins. And thereby contributing to the market’s declining liquidity.

Our experts note that in October, Glassnode analysts estimated that long-term investors accumulate $1.35 billion in bitcoins every month. The experts also emphasized that the total number of bitcoins owned by long-term holders reached a new all-time high of more than 14.8 million BTC. And that makes up about 76% of the cryptocurrency’s circulating supply.

Our experts talked about the factors affecting the growth of the crypto market. And predicted the further movement of Bitcoin prices

The bitcoin (BTC) exchange rate rose more than 5% on November 9, approaching the $38,000 mark when paired with the Tether USD (USDT) stablecoin on the Binance exchange. And this is the maximum value of the exchange rate since May 2022.

A positive trigger for the price growth was the news that. The U.S. Securities and Exchange Commission (SEC) began negotiations with Grayscale on the launch of its bitcoin exchange-traded fund (ETF). And a report from Bloomberg analysts that the regulator has an eight-day window open for possible ETF approval from 12 other companies. And which had previously filed applications for the commission’s review.

The cryptocurrency market has seen increased volatility recently amid expectations of approval of applications to launch exchange-traded funds (ETFs). Investors believe that the entry of ETFs from major players such as BlackRock or Fidelity into the market will lead to a further increase in the value of bitcoin.

The regulator, represented by the U.S. Securities and Exchange Commission (SEC), is taking a cautious stance and postponing decisions on applications to launch ETFs. And which have already filed 12 management companies. Experts believe that the most likely scenario is the simultaneous approval of several applications to launch a bitcoin ETF at once in early 2024, our experts believe.

Buyers managed to test the resistance zone $36,200 – $36,500 before November 9. According to the cyclic analysis, they will be vulnerable from November 9 through November 21. As all key levels are passed, now it is necessary to hold current positions till the third decade of the month. In order to get to $42 thousand by the new year.

In the near future, the crypto market will remain highly uncertain due to the potential launch of ETFs. This will contribute to the persistence of increased risks and volatility.

Fear of lost profits

The reason for bitcoin’s meteoric rise is investors’ reluctance to miss out on “a wave of growth that could hit the crypto industry” if the instrument is actually approved.

In October, even fake news about a spot bitcoin-ETF fueled the market. As a result, bitcoin managed to consolidate above the psychological level of $30 thousand and went to update local highs.

Many participants of the cryptocommunity believe that this instrument will attract trillions of dollars of investments into the crypto-industry. But earlier, market participants pinned similar hopes on futures and cryptocurrency options. Unfortunately, the launch of the tools did not lead to the expected result, our experts note.

As for the further goals of bitcoin, everything will depend on the news background. If the bitcoin price will be fueled by rumors of ETF approval. In the near future, investors will be able to see a “storm” of $40 thousand. In the absence of positive “bubble of expectations may burst” and bitcoin will go into correction, probably in the neighborhood of $30 thousand, our expert warns.

How long will the Bitcoin growth last

Judging by technical analysis and market structure. And also taking into account the fundamental factors, we can say that bitcoin is in an important phase of its cycle. And is preparing for a sharp upward movement.

The big players in the market will manipulate the price, and the expected approval of ETFs. As well as the “general euphoria about it” may lead to overpriced purchases. In the coming year, the bitcoin rate movement will occur in the price corridor of $25-36 thousand. And “a real bull market with bitcoin growth and altcoins taking off 10-20 times” should only be expected in a year and a half.

At the moment, our experts recommend to buy promising altcoins. And trade them between levels in order to accumulate positions until the target event occurs – the very market upsurge. But of course local drawdowns are possible, but the potential profit on individual positions can be more than 1000%.

Our experts analyzed the market situation and told how it may change in the coming week for Bitcoin and the market as a whole

• 5 important events in the crypto market affecting the bitcoin rate for the week from October 30 to November 3:
• The US Federal Reserve meeting on November 1, which decided to keep the interest rate unchanged. This caused an increase in risk appetite.
• Fed chief Jerome Powell’s statements about a possible slowdown in the pace of future rate hikes. This also put pressure on the dollar and supported the bitcoin price.
• Investor expectations for the imminent approval of a spot bitcoin-ETF fueled interest in bitcoin earlier in the week.
• The publication of weak US labor market data on Friday reinforced expectations of a slowdown in Fed policy tightening.
• The price failed to consolidate above $35k.

Last week bitcoin traded in the range of $34-36 thousand. On October 30, the price of BTC fell to $34,474, but remained in a horizontal trend around $34,300. On October 31, the price rose slightly to $34,639, continuing to consolidate in anticipation of the US Federal Reserve results.

Detailed analysis of last week and conclusions

On November 1, there was a sharp rise to $35,421 after the U.S. Federal Reserve meeting. The growth was caused by investor optimism after the Fed head’s statements about a possible slowdown in rate hikes.

On November 2, the price rose to a weekly high of $35,984, from which the correction began. It was aided by a decline in optimism about the imminent approval of a spot bitcoin-ETF. Amid the failed offensive, the price fell to $34,300.

On November 3, at the end of the day, bitcoin fell in price by 0.64% to $34716. In general, trading was calm, without sharp bursts of volatility.

During the first half of the day, there was a gradual decline in cryptocurrency quotes. The rate fell to the level of $34,120, followed by a slight recovery.

Some support for the market was provided by the data on the situation in the U.S. labor market, published at the U.S. session. The indicators turned out to be weaker than market expectations. In particular, the number of new jobs for October amounted to 150 thousand instead of the expected 180 thousand. The previous figure was revised to 297 thousand from 336 thousand. And the unemployment rate rose to 3.9% from 3.8%, with expectations of 3.8%. And average hourly earnings rose 0.2%, compared with a 0.2% increase in the previous month, and a forecast of 0.3%.

Such data reinforced investor expectations that the US Federal Reserve is nearing the end of its monetary tightening cycle. This provided support for risky assets. Since the bitcoin rally was at the end of October. The reaction to the weakening dollar and the growth of stock indices was weak. The euphoria from expectations of spot ETF approval is fading.

What will happen to the bitcoin price in the coming days

Buyers showed themselves well, as they used the provided time window. And to carry the shorts above $35,200 and to get as close as possible to the level of $36 th. External conditions remain favorable for the upward movement. Only according to the calculated cycles is approaching the correction phase with a target of $33 thousand. And it may last from November 9 through November 21. The smaller the correction will be, the higher the probability of growth up to $42 th.

Temporary resistance is the zone of $35,000 – $35,150. Taking into account the weakness of the dollar and the weekly growth of stock indices. The buyers may have time to check the stops behind the level of $36 th. And it is logical, as the truncated formation is formed on the daily timeframe.

Thus, bitcoin demonstrated moderately positive dynamics this week. Our experts note that the key levels of the corridor remain $34 thousand and $36 thousand. To enter the positive zone, it is necessary to confidently overcome the resistance at $36 thousand. Buyers are better to go on the defensive and gain strength for the end of November: efforts will be required to pass new resistances.

Our monthly feature. Our experts analyzed the state of the market and told about what will happen to bitcoin in the coming month

Bitcoin (BTC) is trading at $34.4k on Tuesday, October 31. And its price has increased by about 28% over the past month. In the first days of October, the rate of the first cryptocurrency was at $27 thousand. And on October 16, the price briefly reached $30 thousand. And in the morning of October 24, bitcoin sharply added 18% in price, reaching $35 thousand for the first time this year.

We are unlikely to see an altcoin season this year

Our experts count November and December as months. Within the framework of which the cryptocurrency market capitalization can grow to at least $1.6 trillion. And ideally – to $1.8 trillion. Historically, the fourth quarter is successful for the cryptocurrency market, and so far October confirms this pattern.

The lack of fresh liquidity given the tight monetary policy (MPC) is certainly affecting the market. But however, demand for current crypto-oriented ETFs, even before spot bitcoin ETFs are approved, could be the reason for capitalization gains. And growth in the most capitalized assets. Expect BTC prices to rise to the $38k level in November, followed by a move into the $40k-$45k zone by the end of this year.

We are unlikely to see an “altcoin season” this year. And we expect market capitalization growth in November-December primarily due to assets from the top-10. The current macroeconomic situation is not suitable for risk-on strategies. And what we can see from the falling US stock market and the rise in gold. As a consequence, mid-cap crypto assets dependent on venture capital, aggressive investments are still experiencing a significant lack of funds. And they are unlikely to show a multiple price growth in the next month or two, our experts believe.

There should be strong new stimulus in the market this year

Now the situation on the cryptocurrency market is influenced by several factors. This is, first of all, investors’ expectations of approval for the launch of bitcoin ETFs. First, that the current spiral of bitcoin growth was triggered by rumors that the U.S. regulator approved a bitcoin ETF from BlackRock. And while the rumors were quickly denied. But the growth continued – reflecting the general positive mood of crypto investors about the prospects of such an approval. Everyone agrees that it will happen soon.

Secondly, bitcoin is affected by the tense geopolitical environment. And which has also triggered a rise in gold prices. Bitcoin is traditionally seen as “digital gold”. And so partly the capital was directed to diversify investment portfolios and in BTC . In addition, market participants expect bitcoin to rise in the run-up to the halving, which will take place in the spring of 2024.

However, there are also a number of negative factors that are restraining market growth. First of all, it is the expectation of stricter regulation of cryptocurrency exchanges and stablecoin issuers in the United States – one of the largest markets for cryptocurrencies. Therefore, we can expect moderate bitcoin growth in November. But a powerful growth spiral or bull cycle should not be expected yet. For this to happen, new powerful incentives must appear, which will be the catalyst for a new rally. Such a stimulus could be the approval of the launch of ETFs. Or either some signal regarding inflation risks in the U.S. from the U.S. Federal Reserve (Fed). For example, a new stock market stimulus package.

Bitcoin price has overcome a number of key resistances what we expect in November

Since Bitcoin belongs to the class of risky assets. And the crypto market is influenced by the dynamics of the dollar and U.S. macro statistics. Among the key events for November, we can highlight the meeting of the U.S. Federal Reserve and the speech of its chairman Jerome Powell at a press conference on November 1. On November 3, data on the labor market in the U.S. will be of interest. On November 14, the inflation report will be released. Data on consumer prices are extremely important. And as investors are interested in the regulator’s future actions on rates in December due to high inflation.

The recent rally of the BTC/USD pair to $35k was triggered by expectations of bitcoin-ETF approval. And it was supported by inflows into crypto funds and increased open interest in bitcoin futures on the Chicago Mercantile Exchange (CME). The court also ordered the SEC to review Grayscale’s application for a spot bitcoin-ETF. Therefore, any published news or rumors (confirmed and unconfirmed) on the ETF will have a strong impact on the market.

During the last rally, the bitcoin price overcame a number of key resistances, testing the $35k level. After updating the high, the price has been in a sideways trend for six days. According to experts’ calculations, the downward correction is expected from November 9 to November 21.
Until November 9, buyers have time to move to the area of $36 th. If the price closes below $32.7 th before November 9, it may herald the beginning of correction. The target level for correction is $31.7 th.

Investors should be alerted by the lack of price growth after the Fed meeting on November 1 and Powell’s speech. And again, the less the price falls during the correction. The stronger will be the growth after November 21.

Our weekly feature. Our experts analyzed the market situation and told how it may change in the coming week for Bitcoin and the market as a whole.

On Sunday, October 29, bitcoin ( $BTC ) is trading at $34.2k. And its price has increased by 14.5% since the end of the previous week. Our experts have analyzed the situation on the market and assessed the prospects of bitcoin rate movement for the next seven days.

Last week’s analysis and highlights:

• Bitcoin price rose to $35,280 amid optimism around bitcoin-ETF approval.
• The SEC has been officially mandated to review Grayscale’s application to launch a spot bitcoin-ETF.
• SEC Commissioner Hester Pearce stated that the spot bitcoin-ETF should have been approved 5 years ago.
• The DXY dollar index hit a one-month low but was able to recoup all of its losses.
• After the rally, the price entered a consolidation between $33k and $35k.

Bitcoin has been trading in a range of $32,400 to $35,280 this week. On Monday, the price rose to $34,741. And on Tuesday, it reached a high of $35,280. This was followed by a correction to $33,390 on Friday.

On October 23, bitcoin rose 10.26% to $33,069. The rise was driven by several factors. First, the DXY dollar index hit a one-month low on the back of falling US government bond yields. Second, a U.S. court upheld the SEC’s review of Grayscale’s application to launch a spot bitcoin ETF. Thirdly, the rally was supported by technical factors – liquidation of short positions worth $161 mln and breakthrough of important resistance levels.

On October 24, the price of bitcoin rose 2.58% to a high of $35,280. Among the growth factors is the decision of the U.S. court obliging the SEC to reconsider Grayscale’s application. As well as news that BlackRock has assigned a ticker to a bitcoin-ETF pending approval. In addition, support came from a weakening dollar. However, by the evening, the dollar index reversed upward, stopping the bitcoin price growth.

On October 25, the price growth slowed to 1.69%, to the level of $34,496. Amid expectations of bitcoin-ETF approval, investors ignored the strengthening of the dollar and the decline in stock indices. Investors’ attention was drawn to the upcoming halving. Bitcoin’s share of the crypto market rose to 51.4%.

On October 26, the price of bitcoin fell by 1% to $34,151. The market was pressured by the strengthening of the dollar and the fall of technology stocks in the United States. The Nasdaq index fell by 2% and the S&P 500 fell by 1.2%. US 10-year bond yields fell to 4.88%. Fears of recession in the US have increased.

On October 27, the BTC/USDt pair fell by 0.76% to $33,892. During the U.S. session, the price declined to $33,390 amid falling stock indices. Since the end of July, the S&P500 index has fallen 10.2% to 4137. This week, US Q3 GDP data beat expectations, showing the economy accelerating at the fastest pace since mid-2021. Despite US Q3 GDP and expectations of a rate hike in December, fears of a recession in the country remain. Inflation continues to worry the Federal Reserve (Fed).

The U.S. Personal Consumption Expenditures (PCE) index showed that consumer price expenditures rose at the fastest monthly pace since May. But the annual PCE fell slightly in September, renewing concerns about high interest rates.

What’s in store for us next week with Bitcoin

We have a busy week ahead of us. The focus of economic data will be on employment numbers, including the ADP private sector employment report on Wednesday. And jobless claims on Thursday. And non-farm payrolls on Friday.

The market expects current monetary policy to remain in place. And despite the strong economy and tight labor market as inflation slows. But remains above the target level. In addition, the ISM Services report on business activity index in the US and China is expected. Geopolitical events also remain key drivers for traditional assets. Investors will continue to analyze the results of corporate reports.

The BTC/USDt pair is trading above $34k. According to the volume analysis, buying has noticeably decreased since Friday. This is understandable, because the price is in a sideways trend for a long time without continuing the rally. And when the price stands for a long time, the two-day flat starts to get on investors’ nerves. At this time short-term speculators, working on the downside, start to get involved.

By cyclic analysis there are no changes. The growth phase should last until November 9. Conditions are still favorable for growth.

An alarm bell for buyers may be the absence of upward movement after the speech of J. Powell on Wednesday after the FOMC meeting. According to the latest data from CME Group, rates will remain in the range of 5.25-5.50 with a 99.9% probability on Nov. 1 and an 80% probability on Dec. 13.

BitRiver forecasts that the decline phase may last from November 9 to November 21. Closing the day below $32,700 is likely to be a precursor to the beginning of the correction phase. For the correction, $31,700 should be selected as a support target level. Conclusions of our experts: We are waiting for the rate decision, Powell’s speech and the US labor market report.

The Bitcoin price rose sharply, having updated the annual maximum. Our experts named the factors influencing the growth of the cryptocurrency’s price and its future goals

On October 24, the Bitcoin exchange rate rose sharply to 35 thousand. And reaching a level that was last recorded in May 2022. A few hours before the growth began, it became known that two major companies – BlackRock and Grayscale. Have come close to approving applications for their own exchange-traded funds (ETFs) for bitcoin. The launch of such ETFs is considered in the crypto community as a catalyst for a new bull cycle in the market.

The price movement came after details of BlackRock’s bitcoin ETF called iShares Bitcoin Trust appeared on a list. Which is maintained by the Depository Trust and Clearing Corporation (DTCC).

Various exchange traded funds (ETFs), including gold, have trillions of dollars in assets under management. In the crypto community, it is commonly believed that even a small percentage of this capital can potentially impact the global crypto market. Several management companies are now awaiting approval of their own bitcoin ETFs from the U.S. Securities and Exchange Commission (SEC).

If their ETFs are approved, the demand for cryptocurrency will increase: buying shares of the funds implies the delivery of bitcoin as an underlying asset. That is, its direct purchase in the market, affecting the exchange rate. Under the management of BlackRock alone are assets totaling about $9 trillion. According to the assessment of the analytical company Chainalusis, it is North America is the largest cryptocurrency market. And its annual turnover is approximately $1.2 trillion. This amount exceeds 24% of the global annual volume of transactions in cryptocurrency.

Growth Factors

Shortly before the rise, it also became known that the court issued an order. Which requires the SEC to review Grayscale’s application to convert its Grayscale Bitcoin Trust (GBTC) into a full-fledged spot bitcoin-ETF. Grayscale has been seeking this since 2021, when it first sued the regulator. And challenging its past denials of its application. The amount of assets in its trust exceeds $19 billion.

The growth of the last few days is a consequence of the realization of a complex of factors, our experts believe. On the one hand, a significant buying position was formed in the range of $26-28 th. And that is clearly seen by the growth of open interest in recent weeks.

The change of trend to bullish has taken place ?

Another important factor that added impetus to the growth of bitcoin rate. It was the exit from the narrow trading range, formed since the summer, our experts explain. This led to the liquidation of a significant volume of short positions.

During the day, a sharp rise in the rate of bitcoin and other cryptocurrencies provoked a mass forced closing of traders’ marginal positions. And who were unable to add collateral to their orders. More than 70% of them were in “short”, that is, betting on the fall of the market. According to the Coinglass service, which tracks the wallets of major crypto exchanges, positions totaling $400 million were forcibly liquidated from October 23 to October 24.

What will happen next with the BTC price

Judging by the current momentum towards $35 thousand, the price movement is in an active phase. And it is unlikely that the market will start fixing positions in the near future. The realization of the main factor (ETF approval) is still far away, and market participants will continue to form long positions in anticipation of this event.

From the point of view of technical analysis, there was a “void” after the level of $31.5 th. And we quickly covered this distance after the breakdown at the expense of traders. Who took short positions (in particular, those who traded a potential “Head and Shoulders” in the daily range).

“Head and Shoulders” is one of the most famous technical analysis figures indicating a trend reversal. It appears on the chart when a new price peak is drawn after an uptrend, but already below the maximum price. The maximum price peak is seen as a “head”, and the surrounding lower peaks are seen as “shoulders”. When the price crosses the so-called neck line, it often means a change of trend.

Further big players will continue to provoke liquidation of short positions even for those traders who trade with low leverage. The next target our experts call fixing of the price at the level of $36 thousand. In this regard, our experts continue to expect reaching the level of $40 th. by the end of this year.

Our weekly feature on Bitcoin. Our experts analyzed the market situation and told how it may change this week

Key points for the Bitcoin price this week:

• Continued regulatory pressure on crypto exchanges
• Negative market reaction to rising inflation in the U.S. and strengthening of the dollar
• Reduced risk appetite amid escalating conflict in the Middle East.
• The technical picture is generally on the side of the bulls, despite the weekly decline.
• Expectations of the current growth wave ending soon and the start of correction.

Bitcoin has shown volatile dynamics this week, reacting to various factors, both positive and negative.

On Monday, October 9, the price fell by 1.17% to $27,590. The main impact on the market was the growth of geopolitical risks on the background of the conflict between Israel and Hamas. And that led to the withdrawal of investors from risky assets, including bitcoin. In addition, since the beginning of the Asian session there was an increased demand for the dollar as a protective asset.

On Tuesday, October 10, bitcoin continued its decline by 0.72% to $27,390. It was negatively impacted by news from the crypto industry itself. It increased the pressure from regulators around the world on major cryptocurrency exchanges. Due to the increase in regulatory risks, buyer activity dropped noticeably, which caused bitcoin to fall.

On October 11, bitcoin continued to decline against the U.S. dollar – the price fell by 1.88% to $26,875. At the U.S. session, quotes were falling to $26,538. The crypto market continued to ignore the growth of stock indices and the weakening of the dollar on the forex, reacting to the negativity within the industry.

On Thursday, October 12, it continued its smooth decline by another 0.43% to $26,759. Low liquidity persisted in the market, with pressure now being exerted by the strengthening dollar. And the decline in the S&P 500 index and investors’ withdrawal from risky assets.

On Friday, October 13, the price rose slightly – by 0.38% to $26,862. In the morning there was growth on the positive from stock indices. But then, however, due to the deteriorating situation in the Middle East and Israel’s preparation for ground operation in the Gaza Strip, investors again began to get rid of risky assets.

This Week :

The BTC/USDt pair corrected by 50% to rise $24,901 to $28,580. BitRiver estimates that the advantage remains on the side of buyers, according to technical analysis. But given the continued pressure from geopolitical risks, the strengthening dollar, the decline in the S&P 500. And the ongoing crackdown on crypto exchanges by the U.S. Securities and Exchange Commission (SEC). And buyers are scared because of fears of a return to $26,600.

Our experts believe that the growth phase will last until November 9, so we continue to wait for the price to recover to the psychological level of $30 thousand.

Weekly feature: Our experts analyzed the market situation and told how it may change in the short term for Bitcoin

Bitcoin has been trading in a narrow range for 28 days now, and there is a risk of a breakout down to $27,500.

In the week from August 6 to August 13, bitcoin demonstrated boring sideways dynamics. And in doing so, stuck in a narrow corridor between $28,700 and $30,400. It feels like Bitcoin is stuck in a traffic jam on the crypto highway and can’t get out of it.

Also investors are clearly bored and yawning as they stare at their monitor screens. Even inflation data in the U.S. could not cause strong price fluctuations. Quotes only slightly swung back and forth and returned back to the range.

Apparently, market participants are indecisive about the prospects of the Fed’s monetary policy. Until there is clarity about the September meeting and spot Bitcoin-ETFs, the price is likely to sleep.

The technical price pattern is not bad for price to consolidate above $30,400. But the lack of volatility in the market during the release of consumer and manufacturing inflation data begs the question.

In the week from August 14 through August 20 the trend line passes through $27,500. This level is the key support, below which it is impossible to fall. Its violation will cause the market to close long positions on the futures market and open the way to $25,300 for sellers. Our experts consider it ideal to stay above $27,800 until September and start a new rally in anticipation of a halving in 2024.

Bitcoin is actually benefiting from this, though. It is better to let it gather strength in a sideways trend. Before breaking into unpredictability with sharp ups and downs. Besides, the longer the consolidation lasts, the more powerful the subsequent spurt.

Conclusions:

Bitcoin is stuck in a narrow price corridor waiting for clarity on the Fed. The sideways dynamics is likely to persist. New catalysts are needed for an exit.

The launch of the Bitcoin ETF could boost daily demand for bitcoins by $100 million, analysts predicted

The price of Bitcoin (BTC) can grow by 521% from current values to $180 thousand before the planned April 2024 halving. This is reported by Business Insider with reference to the data of the research company Fundstrat.

Now the daily demand for BTC in the amount of about $25 million is equivalent to the daily reward for mining in the amount of about $25 million. But the situation may change in the case of the launch of the Bitcoin-ETF, the analysts of the company believe.

In their opinion, Bitcoin funds can increase the daily demand for BTC by $100 million. Such growth taking into account the halving in April 2024. And which will reduce the daily reward for mining to $12 million. It means that the price of BTC must grow significantly for an equilibrium between buyers and sellers to be reached.

In July, NYDIG analysts said that spot Bitcoin-ETFs will provide demand for cryptocurrency for $30 billion. Experts came to this conclusion after the largest management companies submitted applications for the launch of such funds.

Our experts note that at the same time, Bloomberg senior analyst Eric Balchunas believes. That the approval of applications for the launch of spot exchange-traded BTC funds (ETFs) in the United States will open the bitcoin market access to capital of $ 30 trillion.