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3 Indicators Suggest Bitcoin’s Price Bottom Could Be $67.3K

Despite Bitcoin’s recent 6.7% drop below $67,500 amid U.S. election uncertainty, key derivatives metrics indicate traders are staying optimistic about a price rebound.

• Main Points:

  • Traders maintain confidence: Top traders on Binance and OKX show stable long-to-short ratios.

  • BTC futures open interest steady: Open interest remains high, signaling continued investor commitment.

  • Stablecoin demand in China: USDT trading at fair value suggests no panic among Chinese traders.

• Detailed Insights:

  • Traders maintain confidence: No significant weakness appeared in top traders' aggregate spot and futures positions, implying confidence despite recent declines.

  • BTC futures open interest steady: Open interest is 10% above early October levels, showing an increase in leveraged positions even amid price corrections.

  • Stablecoin demand in China: USDT’s stable exchange rate against the USD/CNY signals balanced demand, indicating no urgent sell-off pressures.

  • Election impact: Concerns over regulatory shifts under a potential Kamala Harris administration contribute to short-term market hesitation. However, optimism remains for post-election stabilization.

Related: Bitcoin Forms Bearish "Gravestone Doji" Candle on Weekly Chart

Overall, the derivatives data supports a cautious yet optimistic market stance, suggesting a potential resumption of the bull trend after the U.S. elections.

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MicroStrategy Receives 'Strong Buy' Signal Amid Mixed Technical Indicators

MicroStrategy (MSTR), a prominent Bitcoin proxy, received a “Strong Buy” signal from multiple moving average (MA) indicators, though momentum indicators suggest caution.

• Main Points:

  • Strong buy signal: Simple and exponential moving averages rated MicroStrategy as a “Buy.”

  • Diverging momentum indicators: MACD showed a ‘Sell’ signal, while RSI was neutral.

  • Bearish options trading: Put/Call ratio suggested more downside bets.

  • Significant BTC holdings: MicroStrategy holds 252,220 BTC valued at $17.37 billion.

• Detailed Insights:

  • Strong buy signal from moving averages: Moving averages indicated an upward trend for MicroStrategy.

  • MACD 'Sell' signal: MACD revealed short-term weakness, indicating potential downside risk.

  • RSI's neutral position: Showed balanced conditions, neither overbought nor oversold.

  • Bearish sentiment in options market: The Put/Call ratio of 1.2 suggested more bearish sentiment.

  • Bitcoin-centric strategy and gains: MicroStrategy's 1989% gain since adopting Bitcoin has outpaced major Wall Street names.

  • Price Action Note: MicroStrategy shares rose 1.06% after hours, following a 2.93% dip during regular trading.

Related: Crypto Trader Warns of ‘Grand Finale’ for Altcoins

Dogecoin Surges Amid US Election and Elon Musk's Support

Dogecoin sees significant price gains as Trump leads Harris in key states, boosted by Musk's endorsement and the anticipation surrounding the presidential election.

• Main Points:

  • Dogecoin's price jumps 14% in 24 hours.

  • Trump gains marginal lead in key states, boosting crypto sentiment.

  • Musk mentions "D.O.G.E." on Joe Rogan podcast.

  • DOGE outperforms rival memecoins post-Trump rally.

  • Technical “golden cross” pattern supports continued upward trend.

• Detailed Insights:

  • Price Surge: DOGE rises 14% within 24 hours, reaching $0.169 on Nov. 5.

  • Election Boost: Trump’s lead in four of six key states drives optimism in crypto markets.

  • Musk’s Influence: Elon Musk mentions “D.O.G.E.” on Joe Rogan, fueling speculative interest.

  • Market Outperformance: DOGE outpaces Shiba Inu, PEPE, and other memecoins since Oct. 27.

  • Golden Cross Formation: A bullish cross supports DOGE's 40% recovery trajectory.

  • Key Resistance Level: $0.171 Fibonacci retracement could be pivotal for continued growth.

Related: Expert Warns of Major Bitcoin Crash After Bull Trap

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results