After Bitcoin fell below the $80,000 mark, market momentum continued to weaken. On November 3, market maker Wintermute said in a market report that the cascade of liquidations triggered by the Binance incident had significantly impacted the market. Buyers are currently concentrated mainly in leveraged perpetual futures. The spot market lacks support from real demand, and there are no clear signs of new capital inflows.
The firm’s analysis identifies the 50-week moving average at $76,800 as a key support level, and says BTC needs to hold above it. Whether this technical indicator holds will directly affect the market’s subsequent direction.
Wintermute said it would revise its cautious short-term outlook if Bitcoin can reclaim and hold above $80,000, and if spot buyers and ETF inflows become the main sources of buying pressure. Conversely, if the price falls below the 50-week moving average, the firm will adopt an even more bearish stance.
$BTC #ETF #Binance
The firm’s analysis identifies the 50-week moving average at $76,800 as a key support level, and says BTC needs to hold above it. Whether this technical indicator holds will directly affect the market’s subsequent direction.
Wintermute said it would revise its cautious short-term outlook if Bitcoin can reclaim and hold above $80,000, and if spot buyers and ETF inflows become the main sources of buying pressure. Conversely, if the price falls below the 50-week moving average, the firm will adopt an even more bearish stance.
$BTC #ETF #Binance
