Bitcoin’s recent price movements have seen a dip, but optimism remains strong among traders. According to data from TradingView, BTC fell to $66,063 on Bitstamp, marking a 1.5% drop on the day. With the $69,000 level still acting as key resistance, traders have been analyzing the short-term trend closely.
Prominent trader Rekt Capital highlighted the importance of the weekly close, noting that Bitcoin needs to secure a position above $66,500 to confirm strength in the trend. The trader pointed out that a retest of the $66,500 level, previously a resistance point, could now become support, as long as Bitcoin manages to close the week above it.
Another optimistic viewpoint comes from market analyst CryptoBullet, who emphasized the bullish signal of the MACD (Moving Average Convergence Divergence) indicator. According to CryptoBullet, this crossover, last seen in October 2023, could indicate that Bitcoin is breaking out of its multi-month consolidation, potentially leading to a new all-time high.
On the macro front, major events like the upcoming U.S. Presidential Election and the Federal Reserve’s decision on interest rates are seen as key factors influencing the crypto market. Trading firm QCP Capital has pointed to the upcoming nonfarm payroll (NFP) report, set for release on November 1, as crucial data that could shape the Federal Reserve’s interest rate decisions.
Traders are also positioning themselves in the options market, with a preference for call options around $68,000 and $80,000, suggesting an upward bias. Despite market uncertainty, analysts like David Lawant from FalconX believe that Bitcoin is likely to perform well, regardless of the election outcome, with many investors focused on capturing potential upside rather than hedging downside risk.
