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.

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%

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