Will Bitcoin (BTC) Present a Prime Buying Opportunity This November?

• Bitcoin price declined by 4%, slipping down to $69K.
• BTC remains in the greed zone, with the Fear and Greed Index at 75.

Bitcoin’s October phase has ended with a 13% gain, triggering analysts to predict upward momentum in November. BTC enters a period of heightened anticipation, eyeing potential price movements. Despite that, the crypto market cap has reached $2.34 trillion, losing over 3.70%. 

The BTC price has slipped by 4% over the past 24 hours, currently trading at $69,376, where the asset is 5.79% below its all-time high. However, due to its brief bearish price action, BTC might be poised for a downside rally for the day.

Over the day, Bitcoin has recorded the lowest and highest prices at $68,779 and $72,662, respectively. Consequently, the market observed a liquidation of $88.25 million worth of BTC during this timeframe, as per data. 

Besides, the asset’s weekly chart recorded a moderate price gain of 2.36%. BTC began trading at $67,695. Notably, in the middle of this week, Bitcoin tested the $71.2K level and hit a weekly high of $73,544. 

It’s vital to recognize in the analyst chart that Bitcoin’s recent spike to $72K is following an expected trajectory, with the crucial support level at $69K. If Bitcoin holds its ground above this level, it could trigger further upside momentum, reaching $78,000.

On the other hand, the defunct cryptocurrency exchange, Mt. Gox has transferred 500 BTC, approximately worth $35 million, to unmarked addresses. The wallet currently holds 44,905 BTC, and the move has sparked speculation in the compensation process for creditors.

Can Bitcoin Bulls Turn the Tide?

While zooming in at Bitcoin’s four-hour technical indicators, it infers the asset’s current brief bearish outlook. The Moving Average Convergence Divergence (MACD) line is positioned below the signal line, which might trigger the incoming bear run. 

In addition, the Chaikin Money Flow (CMF) indicator is found at -0.08, hinting at the decreased money flow. Meanwhile, the daily trading volume of BTC has reached $44.56 billion, soaring by over 13%. 

Moreover, the current market sentiment is neutral, as the daily relative strength index (RSI) is hovering around 45. The asset’s daily frame displays the short-term 50-day moving average above the long-term 200-day moving average.

The price chart of BTC reveals the probability of both the upside and downside correction. If the negative trend continues, BTC could slip below $69K in the short term. Further losses might push the BTC price to decline to the $68,300 range.

On the flip side, Bitcoin’s price could break the resistance at $70K and can aim for the all-time high of $73,750. BTC could rally further if the lost momentum is regained. In that case, the asset could break it’s all-time high (ATH).

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