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Daily Bitcoin and Crypto Analysis

November 2: Daily BTC Analysis

November 3, 2021

Matt Blom

Bitcoin is up 4% on the day, buoyed by a rampant Alt market.

Bitcoin is up 4% on the day, buoyed by a rampant Alt market. We should probably thank the SEC for choosing today's bull run as the day to release the news that they have postponed a decision on Valkyrie's Bitcoin spot ETF until January - it couldn't have come at a better moment. It also gives us something to look forward to at Christmas. Should the SEC decided that it's fine, and we should be able to buy a spot ETF on January 7th it could deliver a nice rally into year end.

I'm still expecting this can to be kicked further down the road.

The Futures based ETFs that recently hit the market have ignited this rally. But when we look closely at the numbers, courtesy of Bytetree, we can see that the initial demand has slowed. 



Inflows are generally stronger at the start of a month, so we would hope to see these numbers ahead of the curve within the next 5 days. Day 1 is lagging behind the levels needed to confirm greater inflows during November, and remember, it's a short month for ETFs, they're closed at the weekends. 

For now, we can enjoy the rally across the cryptosphere, these days are to be savoured and remembered: We all know what happens next, we just don't know when that is! 


Technical Analysis

Bitcoin, propelled by a broad Alt rally, has moved away from $61,750 and is currently trying to impose itself on resistance at $64,850. Should we manage to close above this level today, then the bulls will turn their attention towards $67,000. With ETH hitting a new ATH today, it won't take much for the momentum to carry BTC to a new ATH of its own. Above $67,000, $70,000 and a new landmark awaits.  

On the downside, a close below $64,850 will see Bitcoin continue to track sideways, with support at $61,700 revisited. Should the market as a whole lose steam, then we may see a dip back below $60,000, but would expect the dip buyers to be ready and waiting, armed with USDC to buy any move towards $58,500.  

Market Data 

 

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