Bitcoin Price Analysis — November 2

Bitcoin Price Analysis — November 2

Bitcoin (BTC) appears to be in the process of a retrace following a strong rejection from the $14,101 YTD high set last week.

Although BTC looks to be handling itself just fine following last week’s rejection, there is still an immense amount of sell pressure weighing on the cryptocurrency over the past few hours. The bearish will likely grow in strength if Bitcoin fails to hold the lower-$13,000 area in the near-term.

Meanwhile, one analyst has opined that November could be the month where Altcoins regain some bullish traction. The analyst noted that a confluence of Bitcoin’s declining dominance observed over the past couple of days, together with the fact that most Altcoins are trading at considerably high levels, indicates a major surge is imminent. He added that capital flowing out of Bitcoin will eventually trickle into altcoins.

BTCUSD – 4-Hour Chart

Key BTC Levels to Watch in the Near-Term — November 2

At press time, Bitcoin is trading at $13,680 after a journey to the $13,200 area some hours ago. The benchmark cryptocurrency is now re-approaching the $13,800 strong resistance region. Following last week’s rally, BTC has made several attempts to break the $13,855 resistance but has failed every time. That said, how it reacts to this level in the near-term will determine the price next. Failure to break this level could send Bitcoin to the $13,280 – $13,000 area.

Meanwhile, BTC has been trading within a modest ascending channel for a few days now. The base of this channel could provide adequate support from a fall to the $13k level in the meantime.

Regardless, the major factor that will determine Bitcoin’s near-term price action is the upcoming US Presidential Election set for a few hours from now.

Total market capital: $396 billion

Bitcoin market capital: $251 billion

Bitcoin dominance: 63.3%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
Share with other traders!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.