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Steve Muchoki
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Key Notes
- Bitcoin price has been rejected again at the crucial resistance level around the all-time high.
- Next week’s Fed’s FOMC statement amid the US 2024 elections will trigger heightened crypto volatility.
After closing October trading at around $70K, Bitcoin BTC $99 096 24h volatility: 1.3% Market cap: $1.96 T Vol. 24h: $177.00 B price opened November with a bearish outlook. The flagship coin dropped over 4 percent on the first day of November to trade about $69,215 on Friday during the mid-London session. Bitcoin price led the larger crypto market in a bearish outlook, as nearly $1 trillion was wiped out from the US stock market in the last 24 hours.
According to the latest data, the total crypto market cap dropped by over 5 percent, led by Ethereum ETH $3 858 24h volatility: 0.4% Market cap: $464.59 B Vol. 24h: $60.92 B , to about $2.42 trillion at the time of this report. As a result, around $290 million was liquidated from the crypto-leveraged market in the past 24 hours, with $259 million involving long traders.
Top Reasons Why Bitcoin Price Dropped Today
The cryptocurrency industry experienced heightened volatility in the past 24 hours mostly fueled by the futures and options market amid the upcoming high-impact news. According to market data provided by CoinGlass, Bitcoin’s options volume spiked from below $300 million to around $2 billion in the last few days.
Meanwhile, investors in top spot Bitcoin ETF issuers in the United States pulled out their funds, apart from BlackRock’s IBIT which registered $318 million in cash inflows on Thursday. After netting nearly $2 billion in cash inflows on Tuesday and Wednesday, the US spot Bitcoin ETF issuers registered a net cash inflow of around $32 million on Thursday.
Bitcoin price is also reacting to anticipated heightened volatility in the coming days, amid high-impact news from the United States. On November 5, the US 2024 presidential election will be concluded, which will heavily determine the regulatory framework in the largest global economy over the next four years
The crypto market is eagerly awaiting today’s data on the unemployment rate, which will largely shed light on the Fed’s next week decision on interest rates. After initiating the first rate cut in September, the Fed is expected to conduct another next week to bolster the country’s economic outlook.
Labor market data is tomorrow. Should be the deciding factor for cyclical view vs. monetary policy view of #BTC for rest of Q4.
I think it should be apparent by the weekly close which is the most likely outcome.
— Benjamin Cowen (@intocryptoverse) November 1, 2024
Midterm Expectations
Bitcoin price has performed well in the last two months, and the bullish trend is expected to continue in the remaining part of the year. However, Bitcoin price could experience heightened volatility in the coming weeks, and potentially lead to short-term bearish movements.
— Ali (@ali_charts) November 1, 2024
According to popular crypto analyst Ali Martinez, Bitcoin price will likely find a solid support level above $69K, which could yield a rally toward a new all-time high in the near term. The crypto analyst has set a short-term target range of between $78K and $84K, which could be achieved by the end of this year.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Julia Sakovich
