#NovCryptoOutlook

23-11-24

BTC 4-hour chart outlook: Cautious

Fear and Greed: 93 (Ex, Greed), yesterday 94 (Ex. Greed)

BTC Dominance:59% Dominance has decreased from yesterday

Price action: Bitcoin Pulls Back After Recent Rally. EMA support from 97.4k to 93.2k.

Premium Index: PI has increased since yesterday and currently at 0.0371 %.

Funding Rates: FR has decreased since yesterday and currently at 0.0167 %.

Open Interest: OI is at $61.303B which has increased from yesterday

Volume: Vol. is at $28.779 B which has decreased from yesterday

To conclude: BTC has retraced slightly over the past 24 hours. Market sentiment has shifted from bullish to cautious, as evidenced by declining funding rates. This suggests that recent buying pressure may be waning, leading to a potential period of consolidation. Speculative activity has increased as witnessed by rising premium index. However, increased open interest indicates sustained market pressure. While the trading volume has decreased. This could signal that participants are merely taking a breather before the next significant price move.