Despite negative sentiment in crypto markets after the hack of Binance in late October, bitcoin remains relatively strong entering November compared to areas in the summer. It remains to be seen whether outflows from ETFs around 30 October might continue. For now, crypto traders seem to be discounting monetary policy although generally falling yields from bonds might continue to support bitcoin.
Bitcoin pushed strongly down on 29 October below $80,000 although there was a limited bounce the following weekend. Volume for the CFD doesn’t suggest a clear direction and saturation isn’t normally very useful for crypto, but the 100 SMA might be a dynamic support around $76,400.
The 20 SMA is about to interact with the apparent primary reference of 80,000, so this area might cap any upcoming bounce. Traders will continue to monitor the fallout from the recent hack.
This is my personal opinion, not the opinion of Exness. This is not a recommendation to trade.
