1. BTC Price Struggles With Old Resistance
Bitcoin faced resistance over the weekend, falling below $67,500 after peaking at $73,500 last week. Bulls struggled to regain momentum amid the dip. As the U.S. Presidential Election nears, volatility is expected to heighten.
Popular trader Skew highlighted two key market liquidity areas: support around $67K-$65K and resistance above $73K. Rapid movements within this range could be triggered by election-driven market activity.
Credible Crypto suggested another all-time high (ATH) could come before a potential correction, observing constructive short-term BTC trends. Order book data from CoinGlass also showed strengthening liquidity above $67,000.
2. Familiar Resistance Levels in Play Since 2021, Headlined by $69,000
As familiar resistance levels remain, traders expect volatility to spike. Skew noted the market’s current setup mirrors pre-macro event patterns. Additionally, QCP Capital warned of a likely sell-off post-election.
3. FOMC Meeting Comes at a Key Moment for DXY
The FOMC’s upcoming Nov. 7 meeting could shift economic dynamics, with a possible 0.25% rate cut on the table. Market indicators, including the DXY and VIX, hint at impending volatility as the dollar’s movements post-election could impact risk assets.
4. Bitcoin Dominance Hits Classic Reversal Zone
Bitcoin’s dominance in the crypto market hit 60% recently, typically signaling altcoin declines as BTC rises. Analyst Cryptorphic noted that BTC’s steady range around $68K–$70K could further drag altcoins. MartyParty suggested BTC dominance might drop, as it often does in post-halving years, despite strong demand from upcoming ETFs.
5. Difficulty and Hashrate Beat Records
Bitcoin’s mining difficulty and hashrate are both hitting record highs. CloverPool estimates a 5.1% increase in difficulty, pushing it past 100 trillion for the first time. Additionally, the Bitcoin Energy Value chart, representing BTC’s valuation in energy terms, is approaching $100,000, per analyst Charles Edwards.
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