BITCOIN ANALYSIS TODAY (November 07)
Bitcoin price trend today 7/11 is forecasted to move sideways around the $21,000 mark. There is no optimistic signal that bitcoin and other digital currencies can break out in the next 24 hours.
The current bitcoin price on Binance on November 7 at 15:00 at $ 20,626, down 2.1% compared to 24 hours ago.
Movements on the Binance exchange over the past 24 hours showed that the bitcoin price had a time when it left the $21,000 mark, down to trade as low as $20,570. The highest bitcoin transaction price in the past 24 hours is $21,310.
Bitcoin trading volume in the last 24 hours is 36,955 million USD. The market capitalization stands at $403,397 million. The circulating supply is 19.19 million.
A look at Bitcoin flows across exchanges reveals an interesting observation that could determine this week's trajectory. Money flow into the exchange increased significantly in the past 3 to 4 days. Meanwhile, the outflow from the floor decreased sharply during the same period.
In regards to Bitcoin demand, the Purpose Bitcoin ETF holdings increased at the beginning of the month. The number of addresses holding between 100 and 1,000 BTC also increased significantly until Nov. However, this group of investors also showed some outflows in the past 2 days.
Addresses holding more than 1,000 BTC sold since the beginning of October. However, the balance in addresses in this category increased in the last 2 days. This may have enabled the price to move higher during the same time period.
Technical Analysis
BTC fell 3% after establishing a local top at $21,473. This drop was needed to let off steam after last week's impressive series of sublime days. When BTC retests the $20,800 structural support.
Supporting this move is the Relative Strength Index (RSI), which is hovering around the midpoint at 50. This position suggests that the ups and downs have been reset, allowing both sides to level up. chance to take over.
Due to the aforementioned support level, there is a high chance that Bitcoin price will move higher and target $22,106. In the event of a high rally, BTC could attempt a retest of the psychological $25,000 level.
While things are particularly favorable for the bulls, Bitcoin price needs to hold the $20,970 structural support to move further north. In the event that sellers flip this level to resistance, it will invalidate the bullish outlook and trigger a sell-off.
A spike in selling pressure could push Bitcoin price to $20,53 and sell-stop liquidity below this level. A steady support that can absorb this upcoming fall will be at $19,706.
The current bitcoin price on Binance on November 7 at 15:00 at $ 20,626, down 2.1% compared to 24 hours ago.
Movements on the Binance exchange over the past 24 hours showed that the bitcoin price had a time when it left the $21,000 mark, down to trade as low as $20,570. The highest bitcoin transaction price in the past 24 hours is $21,310.
Bitcoin trading volume in the last 24 hours is 36,955 million USD. The market capitalization stands at $403,397 million. The circulating supply is 19.19 million.
A look at Bitcoin flows across exchanges reveals an interesting observation that could determine this week's trajectory. Money flow into the exchange increased significantly in the past 3 to 4 days. Meanwhile, the outflow from the floor decreased sharply during the same period.
In regards to Bitcoin demand, the Purpose Bitcoin ETF holdings increased at the beginning of the month. The number of addresses holding between 100 and 1,000 BTC also increased significantly until Nov. However, this group of investors also showed some outflows in the past 2 days.
Addresses holding more than 1,000 BTC sold since the beginning of October. However, the balance in addresses in this category increased in the last 2 days. This may have enabled the price to move higher during the same time period.
Technical Analysis
BTC fell 3% after establishing a local top at $21,473. This drop was needed to let off steam after last week's impressive series of sublime days. When BTC retests the $20,800 structural support.
Supporting this move is the Relative Strength Index (RSI), which is hovering around the midpoint at 50. This position suggests that the ups and downs have been reset, allowing both sides to level up. chance to take over.
Due to the aforementioned support level, there is a high chance that Bitcoin price will move higher and target $22,106. In the event of a high rally, BTC could attempt a retest of the psychological $25,000 level.
While things are particularly favorable for the bulls, Bitcoin price needs to hold the $20,970 structural support to move further north. In the event that sellers flip this level to resistance, it will invalidate the bullish outlook and trigger a sell-off.
A spike in selling pressure could push Bitcoin price to $20,53 and sell-stop liquidity below this level. A steady support that can absorb this upcoming fall will be at $19,706.