Bitcoin (BTC) consolidated at $75,000 on November 7 as markets geared up for a new US macro event.
Bitcoin Trader Sees “Fundamental Market Shift”
BTC price action hit a new record high of $76,480 on Bitstamp before a slight decline, data from Cointelegraph Markets Pro and TradingView showed.
BTC/USD continues to enjoy strong demand as the US presidential election wraps up.
Popular trader Skew, in his latest analysis of
“Strong spot flows today have pushed prices higher with a new ATH and multi-month supply zone ($73,000) and further signs of major changes occurring in the underlying markets,” he wrote.
“The fundamental market change here is evident in the return of passive demand for BTC (limiting spot bids).”
Skew noted that sell-side liquidity currently lies between the spot price and $80,000.
“These limited spot bids were raised and quoted only during breakout movements, indicating that the market curve had shifted towards demand,” he concluded.
Volatility is expected to increase further this afternoon as the Federal Reserve holds a meeting to decide on changes to the base interest rate.
While markets are already predicting a 0.25% cut, the Federal Open Market Committee (FOMC) meeting could nevertheless trigger cryptocurrency and risk asset volatility in itself.
This mainly comes from the statement and press conference issued by Chairman Jerome Powell after the meeting, and the market is closely watching his comments for clues about the future policy trajectory.
“There is a possibility of a short-term consolidation, but it is not bearish at all,” analyst Andrea Capellini told X followers in part of his post on the topic.
“There could potentially be a rise to the 77-77.5k area, but a retracement is expected as market makers take risks ahead of the FOMC meeting tomorrow.”
As of this writing, the probability of a 0.25% cut is 97.4%, according to the latest data from the CME Group FedWatch tool.
BTC price targets include $100,000.
Meanwhile, the rise in BTC prices has fueled increasingly optimistic predictions about how much higher Bitcoin could rise.
relevant: Bitcoin price needs 2 months to recover ‘macro trend’ – Outlook
After breaking out of a consolidation channel that lasted nearly eight months, BTC/USD is giving market participants reason to consider targeting higher.
“I was right about a rise to $74,000-$75,000, but I think I was wrong about the downside scenario. That said, as I shared yesterday, we have been trying to break above $69,000 for a long time, but there has been no trigger for a decline since $BTC held on to the $72,700 support today.” Popular trader Justin Bennett wrote in X Update.
“For your information, I am seeing Binance Orca continuing to outsell retail. So, if your Bitcoin is above $72,700, send it to us! FOMC tomorrow. If the risky asset can survive, this could be the $100,000 move everyone has been waiting for. Let’s see.”
Like Skew, Bennett highlighted the area around $73,000 as a key line where bulls can hold going forward.
Veteran trader Peter Brandt went on to explain that BTC/USD is currently in the “sweet spot” of its bull cycle.
According to him, “By August/September next year it will be between $130,000 and $150,000.”
Cointelegraph previously reported that it is watching BTC price support levels in case the market makes a U-turn.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.