Technical Analysis

BTC/USD Analysis – November 02, 2021

By LonghornFX Technical Analysis
Nov 2, 20213 min

Bitcoin Price Prediction

The BTC/USD was closed at $60,927.0 after placing a high of $62,485.0 and a low of $59,595.6. BTC/USD continued its downward momentum and dropped for 3rd consecutive session on Monday. MicroStrategy CEO Micheal Saylor said on Monday that Bitcoin was going up forever, although the cryptocurrency will likely continue to experience bouts of volatility. He added that the firm would continue to purchase bitcoin depending on the market conditions. He further said that bitcoin would be the strongest, hardest, most technically forward-looking store of value in the economy for a decade. He further said the company was open to using debt or equity to fund its growing stockpile of Bitcoin.

On Monday, Green Bay Packers legend Aaron Rodgers announced that he had partnered with Cash App to take a piece of his NFL salary in bitcoin. Rodgers also shared that he was giving out $1,000,000 in bitcoin to his fans. He did not specify how much of his salary he would accept in bitcoin, despite earning an annual salary of $33,500,000.The football superstar said that he believed in bitcoin, and the future was bright.

In October, institutional inflows into bitcoin products increased sharply, indicating a renewed bullish sentiment toward the flagship cryptocurrency. During the last week of October, crypto investment products saw inflows totaling $288 million, out of which bitcoin accounted for $296 million. Over the past few weeks, institutional demand for bitcoin has been picking up gradually amid the expectations that the U.S. SEC would approve its first BTC ETF. These expectations came into existence after two bitcoin-linked products hit the market last month.

The data from Glassnode suggested that the amount of Bitcoin on exchanges has dropped to its lowest in three years, which suggests that investors are actively accumulating the asset. The analytic data platform reported that the Bitcoin balance on exchanges reached 2.46 million BTC in late October from 2.47 million BTC in Q2 2021. History shows that whenever bitcoin has a good run, its balance on exchanges declines and tends to rise when investors load up their bitcoin on exchanges, leading to an increased sell-off period.

BTC/USD Intraday Technical Levels

Support Resistance

59520.0 62409.4

58113.1 63891.9

56630.6 65298.7

Pivot Point: 61002.5

BTC/USD - Technical Outlook

The technical side of BTC/USD hasn’t changed a lot in few days as Bitcoin is exhabitting a choppy session. On Tuesday, the BTC/USD pair is trading with a meutral bias at the 61,678 level. Bitcoin has bounced off above an immediate support level of 59,481 level and closing of candles above this level are suggesting bullish bias in BTC/USD. On the up side, the BTC/USD’s immediate resistance stays at 61,325 level and a breakout of this level exposes BTC price towards 62,489 and 63,435 level. Conversely, a breakout of 59,481 support level adds selling trend in BTC/USD until 57,996 level. The MACD and RSI are supporting a bearish bias, therefore, the BTC’s bearish bias dominates below 61,255 and vice versa. All the best!


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