🇺🇸The Democrats won the midterm elections👇
Nov 4 $BTC Comprehensive Market Analysis
🤌News:
U.S. midterm elections: Voting is underway on November 3, and the results will affect control of Congress. Markets are watching for potential effects on crypto regulation, the CLARITY Act, and other policies, adding short-term uncertainty.
The theft of approximately $6.3 billion from a hot wallet earlier continues to weigh on sentiment. Withdrawals have gradually resumed, but some funds are still moving. Restoring trust will take time.
Other factors: Fed policy expectations and oil price fluctuations are also affecting risk appetite.
🤌Fund flows:
Continued outflows from U.S. spot Bitcoin ETFs:
Net outflows totaled approximately $398.6 million on November 2.
There was also a large outflow of approximately $643 million on October 30.
Cumulative outflows over the past few days have been significant, indicating a marked cooling in institutional demand. ETF assets total approximately $98 billion, down from their peak.
🤌Sentiment:
The Crypto Fear & Greed Index is in the fear zone, with recent readings mostly around 26–38.
🤌Technical analysis:
Key support: The $76,000–$76,500 range has been tested several times and is close to the short-term holder cost basis and some moving averages.
Key resistance: Around $78,500–$80,000.
The daily RSI is around 35–38, in neutral-to-weak territory and approaching oversold levels. Momentum is bearish, but not extreme.
Price is near the bottom of its recent range. A decisive break below $76,000 could lead to another test of the $73,000–$75,000 range. A rebound would need to break above $78,500 to make further gains.
In summary, the daily chart hasn't fully corrected yet.
Nov 4 $BTC Comprehensive Market Analysis
🤌News:
U.S. midterm elections: Voting is underway on November 3, and the results will affect control of Congress. Markets are watching for potential effects on crypto regulation, the CLARITY Act, and other policies, adding short-term uncertainty.
The theft of approximately $6.3 billion from a hot wallet earlier continues to weigh on sentiment. Withdrawals have gradually resumed, but some funds are still moving. Restoring trust will take time.
Other factors: Fed policy expectations and oil price fluctuations are also affecting risk appetite.
🤌Fund flows:
Continued outflows from U.S. spot Bitcoin ETFs:
Net outflows totaled approximately $398.6 million on November 2.
There was also a large outflow of approximately $643 million on October 30.
Cumulative outflows over the past few days have been significant, indicating a marked cooling in institutional demand. ETF assets total approximately $98 billion, down from their peak.
🤌Sentiment:
The Crypto Fear & Greed Index is in the fear zone, with recent readings mostly around 26–38.
🤌Technical analysis:
Key support: The $76,000–$76,500 range has been tested several times and is close to the short-term holder cost basis and some moving averages.
Key resistance: Around $78,500–$80,000.
The daily RSI is around 35–38, in neutral-to-weak territory and approaching oversold levels. Momentum is bearish, but not extreme.
Price is near the bottom of its recent range. A decisive break below $76,000 could lead to another test of the $73,000–$75,000 range. A rebound would need to break above $78,500 to make further gains.
In summary, the daily chart hasn't fully corrected yet.
