What is happening in BTC
The chart shows that the price of BTC has been in a downtrend since November 2022. The price peaked at around $78,000 in November 2022 and has since fallen to around $36,700 as of November 10, 2023. This represents a decline of over 50%.
currently, the price is at the 0.6 level of sellers as we can see in the chart so we might see the price going down a little bit as the sellers will try to average their positions.
we can wait for the price to come near 35800-36200, then we can plan a long position.
There are a number of factors that have contributed to the recent decline in the price of BTC. These include:
Rising interest rates in the US and other developed economies. Higher interest rates make it more attractive to hold traditional fiat currencies rather than risky assets like BTC.
The ongoing war in Ukraine and the resulting economic uncertainty.
Increased regulatory scrutiny of the cryptocurrency industry.
News and events that can affect BTC
There are a number of upcoming news and events that could potentially affect the price of BTC in the near future. These include:
The US Federal Reserve’s next meeting is on November 2, 2023. The Fed is expected to continue raising interest rates at this meeting, which could put further downward pressure on the price of BTC.
The US Consumer Price Index (CPI) report for October 2023, which is scheduled to be released on November 10, 2023. A higher-than-expected CPI reading could further fuel inflation fears and lead to a sell-off in risky assets like BTC.
The G20 summit in Bali, Indonesia, on November 15-16, 2023. The G20 is a group of the 20 largest economies in the world. At the summit, G20 leaders are expected to discuss a number of issues related to the cryptocurrency industry, including regulation.
The overall outlook for BTC
The short-term outlook for BTC is uncertain. The price of BTC is likely to remain volatile in the near future as investors react to the upcoming news and events mentioned above.
In the long term, however, I believe that BTC has the potential to become a major global currency. BTC has a number of advantages over traditional fiat currencies, including its scarcity, its decentralized nature, and its global reach.
As more and more people around the world learn about and adopt BTC, the demand for BTC is likely to increase, which will drive the price of BTC higher.
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