Detailed Market Analysis

The weekly close will take place tonight and#Bitcoinis currently trading at a very critical level.

I mentioned in the last video that there could be a pullback to the $68k support. We usually see such pullbacks after trend breaks.

The price has already pulled back by 7% and it will be important to protect the $68k support so that the decline does not continue. As long as the $68k support is maintained, the current outlook will remain positive.

In addition, if the weekly close to take place tonight is above $70k, it will be extra positive and the weekly downtrend will be broken.

There was no major change in short-term data.

🔹 Despite the 7% pullback, whale activity is still in the positive zone and is currently around +7.

🔸 There is no major movement on the spot side. Coinbase has not yet started buying after the recent sales. It will probably remain calm throughout the weekend.

🔹 Funding rates are at normal levels. There is no serious long pressure yet.

🔹Long liquidations are at $65,000, short liquidations are at $74,000.

Another issue to pay attention to is the US elections.

The election result will be clear next week. Trump's win will be much more positive for the financial markets.

We can even say that Trump's chance of winning and the Bitcoin price are moving in almost the same direction.

On the other hand, Bitcoin's correlation with the S&P 500 and Nasdaq has increased due to the election process and they are moving almost in the same way.

Therefore, it will be useful to follow the US stock markets closely, especially in the next two weeks.

As you can see in the chart below, the price movements are quite similar👇

For now, it will be sufficient to maintain the $68k support. For the continuation of the rise, it is important for the weekly close to be above $70k.

The next two weeks will be busy due to the election.I will update frequently during this process, friends.

I wish everyone a happy Sunday and plenty of income.