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bitcoin price at 1:01 am EST is $35,549, up almost 4% in the last 24 hours with trading volume increasing by 60%.
There are four theories behind this bombshell, starting with the fact that October, or as others would say, Uptober, set the tone. Secondly, November has historically (the last decade) been the best month for btc performance in terms of profitability. The last two reasons are more practical and present the FOMC and MicroStrategy narratives.
bitcoin price surges after FOMC and MicroStrategy news
The Federal Open Market Committee (FOMC) meeting was held on November 1 and the chairman of the Federal Reserve made his announcement. In line with common expectations, the president paused rate hikes for the second consecutive time, between 5.25% and 5.50%.
BREAKING
FOMC – THE FED LEAVES RATES
NO CHANGES AT 5.25-5.5%– Ash crypto (@Ashcryptoreal) November 1, 2023
For the layman, rising interest rates push investors into an atmosphere of caution. This steers them away from risk-based assets like cryptocurrencies. In contrast, a decline in interest rates has a pause-like impact, leading investors to take on more risk. Therefore, it plays a catalytic effect, inspiring bullish momentum in the cryptocurrency market.
The consecutive pause in interest rates has some experts thinking this could be the tipping point, which could usher in falling yields and a dollar cap, causing bitcoin and stocks to plunge. until the end of the year.
RIP:
Rates remain unchanged from the FOMC.
The policy is coming to an end and, most likely, increases will be made.
Greater short-term positivity towards risk assets, including bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin.
—Michaël van de Poppe (@CryptoMichNL) November 1, 2023
Amid the optimism, long traders, and therefore bulls, kept their bids high to avoid being trapped underwater as open interest accelerated.
MicroStrategy adds 155 bitcoin tokens to its portfolio
About bitcoin/open-interest/” target=”_blank” rel=”noopener”>Microstrategy, recent revelations indicate that the American technology firm added 155 btc tokens to its holdings in October, worth $5.3 million. this brings bitcoin/open-interest/” target=”_blank” rel=”noopener”>Michael Taylor company’s portfolio to a total of 158,400 btc, valued at $5.54 billion at the current exchange rate.
In October, @MicroStrategy acquired an additional 155 btc for $5.3 million and now owns 158,400 btc. Join us at 5 pm ET as we discuss our third quarter 2023 financial results and answer questions about the outlook for #Business Intelligence and bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin. $MSTR https://t.co/w7eRUcGobi
—Michael Saylor (@saylor) November 1, 2023
The two reasons, FOMC and MicroStrategy, are the rear wings of the current bullish wave and managed to push bitcoin price beyond the psychological level of $35,000. It is worth mentioning that the last time this level was tested was in May 2022, before the epic collapse of the Terra ecosystem under the unscrupulous leadership of bitcoin/open-interest/” target=”_blank” rel=”noopener”>make kwon.
Notably, the run above the $35,000 level has thrown the market into a state of greed, with the index showing 72. This comes as investors look to take advantage of what already looks like a bull run, even before any bottom btc spot exchange traded (bitcoin/open-interest/” target=”_blank” rel=”noopener”>ETFs) They are approved.
bitcoin price surpasses $35,000, what investors can expect from btc
bitcoin price breaking the psychological level of $35,000 has inspired hope among investors. However, it is imperative to note that btc is massively overbought, with the Relative Strength Index (RSI) at 81. This means that a pullback could be underway. The last time the RSI was this high was in February 2021, causing a 25% drop in bitcoin price from $40,028 to $30,307 before bulls rejuvenated for a fresh rally shortly after.
However, the upward trajectory of the RSI shows that btc is not yet ripe for selling. Investors should watch for a deviation of this momentum indicator to the south. Meanwhile, the odds still favor the upside and the price of bitcoin could still rise. Similarly, the Awesome Oscillator (AO) histogram bars are green and in positive territory, showing that the bulls are leading the btc market. This adds credibility to the bullish outlook.
Further buying pressure above current levels could push bitcoin price above the immediate hurdle of $35,987. If btc manages to overcome this hurdle, it could reach the resistance level of $39,246 with an eye on the psychological level of $40,000.
In a highly bullish case, gains could extend to test the supply zone, extending from $44,071 to $47,122. To confirm an uptrend, the king of cryptocurrencies must record a three-day candle close above the midline (average threshold) of this order block, at $45,708. This could set the tone for bitcoin price to rise above the psychological level of $50,000, about 45% above current levels.
Instead
Considering that btc is massively overbought, investors should not be surprised if a correction occurs. A rejection of the $35,987 resistance level could send bitcoin price to the $31,495 support level amid growing profit booking.
In the most severe case, seller momentum could cause bitcoin price to lose all the ground it covered in October to test the $25,320 support level for fresh demand pressure.
Chain analysis
According to on-chain aggregator tool IntoTheBlock’s Global In/Out of the Money (GIOM) model, the largest cryptocurrency by market cap has strong bearish support. There is only one supply barrier that could prevent btc from reaching its upside potential. This barrier ranges between $35,614 and $67,413, and is covered by a large number of investors who had previously purchased btc at this price level. Here, approximately 8.46 million addresses contain almost 3.22 million bitcoin tokens.
Promising alternative to bitcoin
Meanwhile, investors are flocking to BTCMTX, the symbol of the bitcoin Minetrix ecosystem, to enter the btc market. The project, which operates on the stake-to-mine principle, has simplified the btc ownership process by decentralizing and tokenizing the bitcoin mining process.
Presenting #BitcoinMinetrixthe revolutionary cloud mining solution that allows people to participate in #Decentralized $btc mine easily.
With the risks of third-party cloud mining removed, users enjoy complete control over their mining activities.#bitcoin Mining pic.twitter.com/BV7BE7AfKs
—Bitcoinminetrix (@bitcoinminetrix) November 1, 2023
bitcoin Minetrix is still in the pre-sale stage, with $3.085 million already in the bag from the $3.385 million target. The BTCMTX token is selling for a meager $0.0113, but this exchange rate will change in three hours starting at 1:01 am EST. Don’t miss these rates for early participants.
Exciting announcement #BitcoinMinetrix It has raised over $3,000,000! pic.twitter.com/Hs2063y9tJ
—Bitcoinminetrix (@bitcoinminetrix) November 1, 2023
Buy BTCMTX using eth, BNB, USDT or your bank card here.
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