On Sunday, November 12, Bitcoin (BTC) is trading at $37 thousand, its price has increased by 5.5% since the end of the previous week. Expert and CFO of the ASTL investment project Konstantinas Sizovas analyzed the situation on the market and told how it could change in the coming week.
The key events of the week from November 6 to November 13 were, firstly, the breaking of an important resistance at $36 thousand, which opened the way for buyers to further growth, and secondly, an increase in the market capitalization of cryptocurrencies was recorded to a 16-month high ($1.473 trillion) against the backdrop of an altcoin rally. And thirdly, there was an expected surge in volatility on news of the potential launch of an ETF for Ethereum by BlackRock after filing an application to register the iShares Ethereum Trust, which, in principle, met investors’ expectations regarding the approval of applications for the launch of a Bitcoin ETF in the United States in November. early January 2024.
In the week from November 6 to November 13, the BTC/USDT pair showed positive dynamics and traded mainly above the $35 thousand mark. On November 6, the price closed at $35,046 after a slight increase of 0.1%. Bitcoin was in a sideways trend below the psychological level of $36 thousand. On November 7, growth accelerated against the background of positivity in the stock markets. Bitcoin ended the day at $35,399, failing to reach its annual high. On November 8, the growth continued. The price recovered to $35,624. November 9 became the most volatile day of the week. During the Asian session, buyers broke through the defenses of sellers, rising to the level of $37,972, from which it corrected by 6%, dropping to $35,600. The collapse in quotations was caused by the news of an application to create an Ethereum-ETF by BlackRock after filing an application to register the iShares Ethereum Trust. Based on this news, investors began to actively buy Ethereum (in relation to other currencies). On November 10, buyers managed to defend support at $36 thousand. At the end of the day, Bitcoin rose by 1.64%, ending the working week at $37,301.
The stars were kind to the buyers. They successfully achieved their goal within the given time window. Their task was to test the zone from $36,300 to $36,500 by November 9th. The price reached $37,972. Since the beginning of the week, Bitcoin has risen in price by 5.57%. The key growth factors were the anticipation of approval of applications for Bitcoin ETFs in the United States, as well as the excitement around a potential Ethereum ETF from BlackRock.
According to cyclical analysis, there will be a correction phase from November 9 to November 21. This does not necessarily mean a decline; The BTC/USDt pair may trade sideways in a limited price range. In the current situation, the main task of buyers during the correction period is to protect the level of $33 thousand in order to resume the upward trend from November 21. However, if the SEC approves applications for the creation of several ETFs before November 21, the growth may begin earlier. Based on technical and volumetric analysis, buyers are strengthening their defenses at the levels of $36,570, $36,000 and $34,000. Since the price has risen to almost $38 thousand, it is better for buyers not to lower the rate to $34 thousand. According to our estimates, the ideal range is until November 21 – $35-38 thousand.
Overall, the week was positive for the bulls. In case of positive news on ETFs from the SEC, growth may accelerate with the potential to reach the levels of $42 thousand and $45 thousand by the end of the year. Despite changes in world events over the past 4 years, Bitcoin is repeating the movements observed before halvings.
Among the key events next week, it is worth highlighting the US inflation report, which will be published on November 14. The inflation rate is expected to be the same as in September. Declining inflation represents a positive signal for the crypto market and other risk assets.
Against this background, one of the legitimate and stable forms of investing in passive income using cryptocurrencies is the ASTL investment project, which allows investors to have the opportunity to directly invest fiat and cryptocurrency assets into stable passive income, which obviously exceeds inflation expectations and is not subject to any sanctions, blocking or confiscation. The ASTL project is a simple and elegant solution for potential investors – an investment in the development of the real sector of a diversified portfolio of cryptocurrencies, with a fairly high APR (up to 14%) with payments in stablecoin (USDT) and the possibility of a full return on investment through the subsequent sale of accrued ASTL tokens on leading crypto exchanges . Details can be found at https://astl.world