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Daily Bitcoin and Crypto Analysis

November 4: Daily BTC Analysis

November 5, 2021

Matt Blom

We are still seeing retail stack sats, a decision that has clearly worked well over time.

Bitcoin is down 2.65% on the day, as upside momentum wains and the bears push for a return to $60,000. We are entering an area of congestion, which is going to be telling as to the appetite of the bulls. $60,500 was defended with strength last night, as the market experienced a short, sharp drop to $60,070, followed by an immediate return to $63,000. This appeared to be a warning shot to the bears, however, the bulls have not pushed the market on again today, which now leaves the downside open to further attacks.

We are still seeing retail stack sats, a decision that has clearly worked well over time. Wallets with 0.1BTC or greater continue to rise. 

The larger retail, 1BTC or more, are back accumulating too. 

This can't be said for the larger wallets, and as the market begins to settle into sideways trading, we will be watching the 10 and 100 BTC wallets for a sign that the next phase of this bull run is beginning.

For now at least, it would appear that range trading between $58,850 and $63,500 is the most likely outcome as we head into the weekend trading session. 

I guess it would be too easy if we just went up, everyday. 

Technical Analysis

Bitcoin is exploring prices below our pivotal level of $61,750 this evening. $60,500 will prove a test for the bears, who may be less than excited about triggering another sharp rebuttal given last night's moves. $60,000 will offer some support, but the key level on the downside is $58,500. 

Given the current mood, we would expect this to be the area the bulls choose to protect. Only a break below this level would signal a deeper retracement and extended period of sideways price action. 

On the upside, if the bears fail to break below $60,000, Bitcoin will rotate back to the pivot at $61,750. The general consensus across the market is for strength into year end, but the bulls are biding their time. A move above $64,800 will create momentum, and a run at the ATH. The bears will be hoping they can continue to probe the downside before the bulls take this market by the horns.  

Market Data  

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