BITCOIN ANALYSIS TODAY (November 02)
On Coindesk, at 657 am on November 2, the Bitcoin price traded at 20,486 USD, down 0.05%.
Statistical data over the past 24 hours shows that the world's most popular and valuable virtual currency fluctuates between 20,359 - 20,647 USD (lowest price - highest).
According to CoinMarketCap, Bitcoin trading volume is around $39.8 billion, market capitalization at $393 billion.
Bitcoin almost stood still, making some virtual currencies less volatile, specifically Ethereum up 0.4%, Binance Coin down 0.4%, Ripple down 0.06%, Cardano down 1.1%, Solana down 1%. ..
Total market capitalization today inched slightly 0.08% to $ 1,016 billion.
Technical analysis
Daily chart
Looking at the daily timeframe, last week's rally has stopped, as the price has yet to break above $21k. The 100-day moving average is currently acting as an obstacle, repeatedly rejecting the price over the past few days. Therefore, a short-term correction seems to have begun and the price could retest the 50-day moving average, located around the $19,500 level, which would be seen as a strong dynamic support for the bulls.
In the event that the price falls back to the 50-day moving average and eventually breaks out above the 100-day moving average, the key resistance at $24k and the 200-day moving average is likely. the next target of the recovery.
4 hour chart
On the 4-hour chart, the price broke out above $20K and retested it as support over the past few days. If the mentioned support holds and successfully pushes the price up, a rally to $22,500 is likely.
However, considering the fact that the RSI has shown a bearish divergence between the two most recent highs, a deep drop below $20k is still possible. This makes the recent rally a bull trap and is likely to lead the price to drop below the $18K level. So, prudent decision making will be essential due to the contradiction between the indicator and the price action.
Onchain Analysis
The following chart includes the UTXO Value Range (Wallet Holds Over 1k Bitcoin) and Bitcoin price. The distribution of each UTXO is displayed using the UTXO Value Range. This indicator highlights the behavior of whales or retailers, broken down by the number of coins they hold and price movements.
The UTXO (Wallet Holds Over 1k BTC) value band, representing whales, has increased significantly during the early stages of the 2021 bull run indicating massive accumulation. However, the index dropped before Bitcoin peaked at $65k, demonstrating the distributional behavior of this group of whales.
The index continued to decline after Bitcoin broke below $30k in June and marked a new low. However, during the recent consolidation in the market, between the $18k and $21k levels, it reversed and is steadily rising. This is a sign of whale accumulation. Bear market bottoms often form during this period.
Statistical data over the past 24 hours shows that the world's most popular and valuable virtual currency fluctuates between 20,359 - 20,647 USD (lowest price - highest).
According to CoinMarketCap, Bitcoin trading volume is around $39.8 billion, market capitalization at $393 billion.
Bitcoin almost stood still, making some virtual currencies less volatile, specifically Ethereum up 0.4%, Binance Coin down 0.4%, Ripple down 0.06%, Cardano down 1.1%, Solana down 1%. ..
Total market capitalization today inched slightly 0.08% to $ 1,016 billion.
Technical analysis
Daily chart
Looking at the daily timeframe, last week's rally has stopped, as the price has yet to break above $21k. The 100-day moving average is currently acting as an obstacle, repeatedly rejecting the price over the past few days. Therefore, a short-term correction seems to have begun and the price could retest the 50-day moving average, located around the $19,500 level, which would be seen as a strong dynamic support for the bulls.
In the event that the price falls back to the 50-day moving average and eventually breaks out above the 100-day moving average, the key resistance at $24k and the 200-day moving average is likely. the next target of the recovery.
4 hour chart
On the 4-hour chart, the price broke out above $20K and retested it as support over the past few days. If the mentioned support holds and successfully pushes the price up, a rally to $22,500 is likely.
However, considering the fact that the RSI has shown a bearish divergence between the two most recent highs, a deep drop below $20k is still possible. This makes the recent rally a bull trap and is likely to lead the price to drop below the $18K level. So, prudent decision making will be essential due to the contradiction between the indicator and the price action.
Onchain Analysis
The following chart includes the UTXO Value Range (Wallet Holds Over 1k Bitcoin) and Bitcoin price. The distribution of each UTXO is displayed using the UTXO Value Range. This indicator highlights the behavior of whales or retailers, broken down by the number of coins they hold and price movements.
The UTXO (Wallet Holds Over 1k BTC) value band, representing whales, has increased significantly during the early stages of the 2021 bull run indicating massive accumulation. However, the index dropped before Bitcoin peaked at $65k, demonstrating the distributional behavior of this group of whales.
The index continued to decline after Bitcoin broke below $30k in June and marked a new low. However, during the recent consolidation in the market, between the $18k and $21k levels, it reversed and is steadily rising. This is a sign of whale accumulation. Bear market bottoms often form during this period.