1. Bitcoin Begins the Week at $67,000 with Sideways Movement: Bitcoin opens the week trading around $67,000, showing limited volatility. Economic calendars indicate no significant data releases this week, keeping the market calm, though focus remains on the upcoming U.S. elections and their potential market impact.
2. Whale Activity Rises: Whale activity has increased to +14, surpassing the critical level of 10. This upward trend suggests heightened involvement from large-scale investors, signaling positive market sentiment.
3. Coinbase Purchases and Spot CVD: Despite the Spot CVD not indicating a clear uptrend, consistent purchases on Coinbase suggest investors are adopting a cautious stance amid election anticipation. These purchases may set a solid base for potential price increases.
4. Stable Funding Rates and Concentrated Liquidation Levels: Funding rates remain balanced, reflecting no pronounced pressure for either shorts or longs. Liquidation levels show long liquidations clustering around $65,000 and short liquidations near $70,000, maintaining equilibrium in price movement.
5. Descending Trend Resistance and U.S. Election Anticipation: Bitcoin’s recent range-bound trend aligns with the approaching U.S. elections. The price has yet to break the descending trend resistance as the market awaits election outcomes. A Trump win is anticipated to potentially catalyze an upward break through the trend.
6. Next Week’s Outlook: With election results expected next week, a clearer market trajectory will likely emerge. For now, monitoring the descending trend resistance alongside the highlighted data points remains essential.
Wishing everyone a productive and prosperous trading week.
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