$BTC

BTC Market Update (13 November 2024)

In my last update on 7th November, I mentioned that before BTC reaches $90,000, it would likely see a healthy retracement around $71,000-$70,800. However, BTC surprised us by bypassing this correction and skyrocketing to $89,940. If you held BTC from $67,000, congratulations—you’ve gained around 34.63% in just a week!

Historically, November has been a strong month for Bitcoin, especially during U.S. election years. Typically, November returns average between 25%-45%, and this month, we’ve already achieved a 35% increase. So, I’m not expecting much more upside this month.

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Key Indicators Analysis:

1. Fear & Greed Index (Now: 84 - Extreme Greed)

The current sentiment is "Extreme Greed", which shows high confidence among investors. Historically, such high greed often signals a potential price pullback, so caution is advised.

2. Altcoin Season Index (Now: 33 - Bitcoin Season)

Currently, it’s Bitcoin season, with the Altcoin Season Index at 33. This means the market is favoring BTC over altcoins. For an altcoin rally, we need this index to hit 75 or above.

3. Upcoming U.S. Economic Events

Key data releases this week include CPI, PPI, and Fed announcements. These figures impact the dollar's strength and, in turn, crypto prices. If inflation comes in high, BTC may rise as a hedge against currency instability.

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BTC Technical Analysis & Trade Levels

To push toward $93,000-$95,000 (and potentially $100,000), BTC needs to break through $90,000. If it fails to break this level, a healthy correction could follow, providing new entry opportunities.

Entry Zone: $88,000 - $89,000

Stop Loss: $93,500

Target Prices (CME Gap Levels): $78,000, $74,000, $71,000

Keep an eye on these levels, especially if you’re looking to enter a short position.

Important Reminder:

This is not financial advice. Always do your own research and rely on your analysis before making any decisions.

#DYOR #StayInformed