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Bitcoin Dips as Analysts Set Support Range Between $65K and $69K

Bitcoin (BTC) recently dropped over 6%, prompting analysts to eye support levels around $65,000 to $69,000. Key events, including the U.S. elections and FOMC meeting, could lead to further volatility.

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Joe G & Money Talks
November 02, 2024 • Estimated Reading Time: 7 minutes

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Bitcoin Dips as Analysts Set Support Range Between $65K and $69K

Cardano (ADA) Price Rises After Cardano Summit and Strong Jobs Data

‘Rich Dad Poor Dad’ Author Endorses “The Bitcoin Standard”

Bitcoin Dips as Analysts Set Support Range Between $65K and $69K

Bitcoin (BTC) recently dropped over 6%, prompting analysts to eye support levels around $65,000 to $69,000. Key events, including the U.S. elections and FOMC meeting, could lead to further volatility.

  • Main Points:

    • Current dip: BTC declined 6.5%, now trading near $69,000 after reaching $73,600.

    • Potential support levels: Analysts expect BTC support between $65,000 and $69,000.

    • Election and FOMC impact: Upcoming events may drive short-term price fluctuations.

    • Technical analysis: BTC’s 20-day EMA at $68,082 could act as support if prices fall.

  • Detailed Insights:

    • Current dip: BTC’s drop to $69,000 aligns with broader market corrections and pre-election caution.

    • Potential support levels: Analysts like Michael van de Poppe see $65,000 as critical, with possible $60,000 retests.

    • Election and FOMC impact: U.S. election outcomes and interest rate decisions may lead to high volatility.

    • Technical analysis: BTC’s support sits between $68,005 and $70,000, a historically strong zone.

    • Liquidity support: Binance order books show significant bid support around $69,000, indicating stability.

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Cardano (ADA) Price Rises After Cardano Summit and Strong Jobs Data

Cardano’s price surged 8.5% following the 2024 Cardano Summit and U.S. jobs data, sparking interest in ADA as markets anticipate favorable economic conditions.

  • Main Points:

    • Summit boost: Positive sentiment after Cardano Summit lifted ADA’s price.

    • New partnerships: EMURGO’s collaboration with BitcoinOS aims to enhance Cardano’s DeFi liquidity.

    • Economic tailwind: Low U.S. unemployment raised hopes for an interest rate cut, favoring risk assets.

    • Technical support: ADA eyes potential gains toward $0.424 if it holds above key EMAs.

  • Detailed Insights:

    • Summit boost: ADA benefited from announcements made at the Cardano Summit, including notable partnerships.

    • New partnerships: EMURGO’s BitcoinOS partnership could bring $1.3 trillion in Bitcoin liquidity to Cardano.

    • Economic tailwind: A steady job market and rate-cut expectations support ADA’s upward momentum.

    • Technical support: If ADA breaks above the 50-week EMA, it could target the 200-week EMA by year-end.

    • Price outlook: ADA’s multi-year trendline suggests a 35% potential gain if bullish momentum continues.

₿itcoin reached $69,646. -0.58%

♢Ethereum reached $2,503.  -0.71%

‘Rich Dad Poor Dad’ Author Endorses “The Bitcoin Standard”

Robert Kiyosaki, financial educator and author of Rich Dad Poor Dad, voiced strong support for “The Bitcoin Standard,” highlighting Bitcoin’s scarcity as a hedge against inflation.

  • Main Points:

    • Support for Bitcoin Standard: Kiyosaki advocates for Bitcoin’s role in preserving value amid fiat inflation.

    • Scarcity vs. fiat: He criticizes the Fed’s money printing, noting BTC’s capped supply.

    • Community reaction: Bitcoin enthusiasts celebrated Kiyosaki’s endorsement on social media.

    • Direct BTC investment: Kiyosaki prefers owning BTC directly over Bitcoin ETFs.

  • Detailed Insights:

    • Support for Bitcoin Standard: Kiyosaki tweeted support for Bitcoin, noting how its scarcity could make “the price of life” accessible to everyone.

    • Scarcity vs. fiat: He argues fiat devaluation has eroded wealth, while Bitcoin’s supply cap promotes value preservation.

    • Community reaction: Followers echoed his sentiment, seeing BTC as a way to empower individuals against economic instability.

    • Direct BTC investment: Despite his BTC support, Kiyosaki avoids ETFs, believing direct BTC ownership aligns with his principles.

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