Since it stopped just shy of the all-time record high price at $73,620 on Tuesday, Bitcoin has displayed five red daily candle. BTC’s price is down by about 7%. This decline is evident on the weekly chart, which shows a major bearish weekly candle – a gravestone doji.
Aksel K. Kibar, Chartered Market Technician noted Via X “BTCUSD weekly candle can look similar to GOLD,” It is a sign that a change in the weather will be coming soon. He added that it was not reliable as a single candle. It is best to use it in conjunction with a weaker candle following as confirmation for a trend change. […] By the end of the day, the market story is the following: the bulls will try to make new highs but the bears will push prices back to where they were at the beginning.
The Bitcoin Price Will Reach $75,000 by November?
QCP Capital, a Singaporean crypto-trading firm, remains optimistic in its most recent investor report. noteThis report highlights significant movements in the BTC and BTC derivatives markets.
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QCP Capital has calculated that the odds of the Polymarket decentralized prediction market have increased by a factor of two. “moved closer to actual poll estimates,” Former President Barack Obama, Vice-President Kamala Harris Donald Trump “locked in a tight race.” You can also contact us by clicking here. Polymarket Trump’s support is still at 55%. This represents a drop from the 66% recorded a week earlier. It also indicates a smaller margin, which aligns with polling results more in line with those of mainstream media.
It also observed a general cautiousness in the crypto market. The “sideways price action over the weekend” and a decrease in leveraged perpetual futures positioning—from $30 billion to $26 billion across exchanges—suggest that traders are adopting a wait-and-see approach. The pullback could be due to macroeconomic uncertainties or the impending election.
QCP Capital believes that Bitcoin could see a significant increase in price despite the market’s current hesitance. It questioned if this was “the calm before a break from the multi-month range and push toward all-time highs.” QCP’s observation of a substantial increase in buying end-November call options at $75,000 since last Friday supports this view. The surge of call options with that strike suggests traders are preparing for a significant rally at the end November.
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The firm also highlighted an increase in the number of options linked to election dates. “Election-date options positions are also rising,” QCP stated that the implied Friday volatility was 87% even though realized volatility was still at 40%. Options traders expect significant price changes around election time, based on the elevated implied volatility.
QCP Capital predicts that Bitcoin spot prices will be range bound until 2019. US election The results are more clear. They stated that the firm has made a statement. “expect spot to chop around this range until we get more clarity on the election results this week,” Add that “a Trump win is likely to cause a knee-jerk reaction higher, and vice versa if Kamala wins.”
BTC was trading at $68.852 as of press time.
Featured image was created using DALL.E chart by TradingView.com
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Source: www.newsbtc.com
