Bitcoin showed mixed dynamics last week, trading in the range of $65,260 – $69,519. Over the week, the main cryptocurrency lost 2.74%, trading around $67,137. Ethereum (ETH) fell by 10.27% over the same period, to $2,465. On Sunday, October 27, Bitcoin (BTC) is trading around $67,000, its price has fallen by 2% over the week. Well-known crypto expert Konstantinas Sizovas analyzed the situation on the market and told how it may change in the coming week.
The past week began with a correction, when Bitcoin fell by 2.13% to $67,307 on October 21. The cryptocurrency was pressured by the growing dollar index, which reached a three-month high of 103.83 amid hawkish comments from US Federal Reserve officials. Fed officials, including Kansas Fed President Jeffrey Schmid and San Francisco Fed President Mary Daly, called for a cautious approach to rate cuts. In the middle of the week, the market was influenced by corporate reporting from US companies. Weak results from McDonald’s, Coca-Cola and Boeing had a negative impact on investor sentiment. However, Thursday brought positive dynamics thanks to strong performance from Tesla, whose shares rose by 22%. Bitcoin responded with a 2.29% increase to $68,198.
The weakening of Ethereum against Bitcoin had a significant impact on the market. The reasons for this were a massive dumping of coins by large holders, including the transfer of 3,000 ETH (about $7.63 million) by an early ICO investor to the Kraken exchange, as well as the relatively weak demand for ETH in spot exchange-traded funds (ETFs) compared to Bitcoin ETFs. Additional pressure was created by growing competition from alternative blockchains, especially Solana (SOL).
From Friday to Saturday, the market reacted to geopolitical tensions associated with Israeli strikes on military targets in Iran. Bitcoin briefly fell to $65,596 but quickly recovered to $66,620, indicating a limited assessment of the risks of escalation by investors. Positively, the strikes were targeted, only affected military facilities, and both sides demonstrated a willingness to de-escalate.
By the end of the week, Bitcoin remains above the psychologically significant level of $66,000, which indicates that the market remains relatively stable even in the conditions of geopolitical tension. The technical picture on the daily timeframe remains favorable for continued growth after a rebound from the upper boundary of the range formed since March 2024. According to BitRiver estimates, in the absence of an escalation of the conflict in the Middle East, a move to the level of $72,800 is possible. Market sentiment remains predominantly bullish, which is confirmed by the low open interest ratio of Put/Call options (0.39) on the Deribit exchange.
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