#BTC Bitcoin is pressing into the Weekly Channel Bottom (b | Eternel insatisfait on Binance Square

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Eternel insatisfait

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#BTC 
Bitcoin is pressing into the Weekly Channel Bottom (black)
A Daily Close above ~$58080 would be a good contributing sign towards setting price up for a retest of the Channel Bottom
This would also position Bitcoin for a favourable Weekly Close
$BTC #Crypto #Bitcoin 

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Eternel insatisfait

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𝗧𝗛𝗜𝗦 𝗪𝗘𝗘𝗞 𝗪𝗜𝗟𝗟 𝗕𝗘 𝗧𝗛𝗘 𝗠𝗢𝗦𝗧 𝗜𝗠𝗣𝗢𝗥𝗧𝗔𝗡𝗧 𝗙𝗢𝗥 𝗕𝗜𝗧𝗖𝗢𝗜𝗡 𝗔𝗡𝗗 𝗖𝗥𝗬𝗣𝗧𝗢 🚨 THERE ARE 2 MAJOR EVENTS TAKING PLACE THIS WEEK WHICH WILL DIRECTLY IMPACT YOUR CRYPTO PORTFOLIO 1) US ELECTION (6TH NOVEMBER) THE US ELECTION HAS BECOME THE TALK OF THE TOWN SO FAR, TRUMP IS TAKING THE LEAD ON SEVERAL BETTING PLATFORMS. THE CRYPTO MARKET IS ALSO ANTICIPATING TRUMP'S WIN BECAUSE OF A FEW REASONS - TRUMP HAS ANNOUNCED NOT TO SELL BTC SEIZED BY THE US GOVERNMENT - HE'S ALSO PLANNING TO REMOVE CAPITAL GAIN TAXES (IT'S STILL A RUMOUR THOUGH). IF TRUMP WINS, THE CRYPTO MARKET WILL ENTER THE BIGGEST BULL RUN 2) FOMC MEETING (7TH NOVEMBER) FOR THE FIRST TIME SINCE 2022, MARKET IS LEAST FOCUSED ON FOMC MEETING BUT THAT DOESN'T MEAN IT'S NOT IMPORTANT. RIGHT NOW, THE MARKET IS PREDICTING A 99.7% PROBABILITY OF 25 BPS RATE CUT. WHAT'S EVEN MORE BULLISH IS THAT INFLATION IS TRENDING DOWN SINCE ITS PEAK AND UNEMPLOYMENT IS BACK TO 4.1% BOTH THESE THINGS COULD PUSH FED TO BE MORE DOVISH, WHICH WILL HELP CRYPTO MARKET REGAIN ITS BULLISH MOMENTUM. SO MARK YOUR CALENDARS AS THIS WEEK IS GOING TO BE CRAZY.

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#Bitcoin Weekly Update 💥 The Lagging Span 🟠 (left) hasn’t managed to break through the trendline to confirm #BTC's weekly breakout, but it’s just a matter of time. This weekly candle isn’t the most bullish we’ve seen. Price could be retesting the trendline and the Tenkan 🔴. That could be the bear trap imo.

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US ELECTION IS ALWAYS BULLISH FOR BITCOIN, BUT WHY DOES IT DUMP? TAKE A LOOK AT THIS. HISTORICALLY, DAYS BEFORE THE US ELECTION, BITCOIN SLIDES DOWN. 2016: -10.2% 2020: -6.1% 2024: -6.3% WE CAN STILL DUMP A LITTLE MORE. BUT THAT DOESN'T INVALIDATE THE BULLISH SENTIMENT FOR BITCOIN. THE U.S. ELECTION IS ALWAYS BULLISH FOR BITCOIN.

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WHY IS BITCOIN DUMPING? 1) IRAN-ISREAL WAR YESTERDAY, IT WAS REPORTED THAT IRAN IS PLANNING TO ATTACK ISRAEL FROM THE IRAQI TERRITORY. AS WE ALL KNOW, WAR IS BAD FOR BITCOIN AND CRYPTO 2) TECH GIANTS EARNINGS DISAPPOINTMENT YESTERDAY, MICROSOFT AND META POSTED WEAKER THAN EXPECTED RESULTS EVEN THOUGH THEY BOTH BEAT EXPECTATIONS, THE RISING COST ON AI CAUSED THEIR STOCK DUMP, THUS TAKING DOWN THE ENTIRE MARKET WITH IT 3) RISING BOND YIELD 10-YEAR NOTE IS NOW TRADING ABOVE 4.3%, WHICH HAS HISTORICALLY SUPPRESSED DEMAND FOR EQUITIES 4) CORE PCE RISING CORE PCE ROSE SLIGHTLY ABOVE 2.7%, WHICH COULD PUSH THE FED TO BE A BIT MORE HAWKISH. CONCLUSION IMO, ALL THESE THINGS ARE JUST THERE FOR A TEMPORARY DUMP. JUST LIKE UPTOBER, MOONVEMBER HAS STARTED WITH A DUMP, AND IT'LL END WITH BTC GOING ABOVE $80,000+.

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#BTC Dominance That's a historic Monthly Close for Bitcoin Dominance The last time BTC Dominance closed like this in a macro uptrend was back in early 2019 That's over 5 years ago now $BTC #Crypto #Bitcoin

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