5TH NOVEMBER LATEST CRYPTO NEWS DIGITAL MAGAZINE

Data hints that there is a strong possibility that Bitcoin may create a new all-time high this week. The United States Presidential elections and the Federal Reserve’s interest rate decision are two events that are expected to boost volatility. Pseudonymous trader Daan Crypto Trades said in a post on X that Bitcoin will see at least a 10% move in either direction depending on who wins the election.

Investors have maintained a bullish stance going into the elections. CoinShares’ Digital Asset Fund Flows Weekly Report shows that investors pumped $2.2 billion into digital investment products last week, with Bitcoin garnering the lion’s share of the inflows.

Buyers purchased the dip below the 20-day EMA ($68,259) on Nov. 3 but are struggling to build upon the bounce. The bears will try to strengthen their position by pulling the price below the 20-day EMA. If they manage to do that, the BTC/USDT pair could plunge to the crucial support at $65,000. This is an important support for the bulls to defend if they want to keep the positive sentiment intact.

If the price turns up from the 20-day EMA and breaks above $70,000, it will tilt the advantage in favor of the buyers. The pair could rise to $72,000 and eventually to $73,777. Sellers are expected to vigorously defend the $72,000 to $73,777 resistance zone. Ether is trying to maintain above the support line of the symmetrical triangle pattern, but the bears continue to exert pressure.

A break and close below the support line will signal that the sellers have overpowered the buyers. That could start a downward move to $2,310 and then to $2,200. Buyers will try to defend the $2,200 to $2,111 zone with all their might. The bearish view will be negated in the short term if the price rises from the support line and breaks above the moving averages. The ETH/ USDT pair could then attempt a rally to the resistance line. A trend change will be signaled after buyers overcome the barrier at $2,850.

Lastly please check out the advancement’s happening in the cryptocurrency world

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