(October 24 - October 30) Bitcoin Weekly Update
Bitcoin Weekly Review
The week from October 24 to October 30 was a successful one for bitcoin. At the time of writing, the BTC/USDt pair has recovered 5.86% to $20,715. Activity on the crypto market was observed on October 25 (Tuesday) and October 26 (Wednesday). On the Binance exchange, the maximum of the week is fixed at around $21,085. The growth of quotations was facilitated by the weakening of the dollar and the growth of American indices.
After the release of a series of economic data in the US, investors began to consider the scenario that the Fed will reduce the rate hike step to 50 bp. meeting on December 14 to relieve pressure on the US economy. The dollar and 10-year Treasury yields turned lower, boosting demand for risky assets. Bitcoin is one of them.
After testing the $21,000 level, buyers had to retreat. On October 27 (Thursday), the bitcoin rate fell to $20,220, on October 28 (Friday) - to $20,000. I believe that the decline in the BTC/USDt pair caused the weakening of the euro on Forex and the fall of US indices after the publication of weak corporate reports for the 3rd quarter. The euro fell after the ECB meeting, which raised the rate by 75 bp. up to 2%. The decision coincided with the forecast, so buyers began to take profits on long positions.
The dollar index closes in the red for two consecutive weeks. According to the cumulative delta on the dollar index futures, sales prevail. The current value of DXY is 110.60. Support lies at 108.70 (trendline on the daily timeframe).
The S&P500 recovered 11.6% from a low of 3491.58. To break the bearish trend, you need to pass the level of 4120. Accordingly, Bitcoin acceleration should be expected when the dollar index falls below 110.60, and the S&P500 consolidates above 4120. Bitcoin has a decent growth margin on the daily and weekly TF, so we are following important events. And in the week from October 31 to November 6, there are a lot of them. The target level for the new week is $22,500.
Of the important events, it is worth highlighting: data on business activity from ISM and industrial production in the US, a meeting of the US Federal Reserve, as well as a report on the labor market Non-Farm Payrolls. Important events portend high volatility in all markets from Wednesday.
Posted Using LeoFinance Beta
The rewards earned on this comment will go directly to the people sharing the post on Twitter as long as they are registered with @poshtoken. Sign up at https://hiveposh.com.