Our weekly feature. Our experts analyzed the market situation and told how it may change in the coming week for Bitcoin and the market as a whole.
On Sunday, October 29, bitcoin is trading at $34.2k. And its price has increased by 14.5% since the end of the previous week. Our experts have analyzed the situation on the market and assessed the prospects of bitcoin rate movement for the next seven days.
Last week's analysis and highlights:
Bitcoin price rose to $35,280 amid optimism around bitcoin-ETF approval.The SEC has been officially mandated to review Grayscale's application to launch a spot bitcoin-ETF.SEC Commissioner Hester Pearce stated that the spot bitcoin-ETF should have been approved 5 years ago.The DXY dollar index hit a one-month low but was able to recoup all of its losses.After the rally, the price entered a consolidation between $33k and $35k.
Bitcoin has been trading in a range of $32,400 to $35,280 this week. On Monday, the price rose to $34,741. And on Tuesday, it reached a high of $35,280. This was followed by a correction to $33,390 on Friday.
On October 23, bitcoin rose 10.26% to $33,069. The rise was driven by several factors. First, the DXY dollar index hit a one-month low on the back of falling US government bond yields. Second, a U.S. court upheld the SEC's review of Grayscale's application to launch a spot bitcoin ETF. Thirdly, the rally was supported by technical factors - liquidation of short positions worth $161 mln and breakthrough of important resistance levels.
On October 24, the price of bitcoin rose 2.58% to a high of $35,280. Among the growth factors is the decision of the U.S. court obliging the SEC to reconsider Grayscale's application. As well as news that BlackRock has assigned a ticker to a bitcoin-ETF pending approval. In addition, support came from a weakening dollar. However, by the evening, the dollar index reversed upward, stopping the bitcoin price growth.
On October 25, the price growth slowed to 1.69%, to the level of $34,496. Amid expectations of bitcoin-ETF approval, investors ignored the strengthening of the dollar and the decline in stock indices. Investors' attention was drawn to the upcoming halving. Bitcoin's share of the crypto market rose to 51.4%.
On October 26, the price of bitcoin fell by 1% to $34,151. The market was pressured by the strengthening of the dollar and the fall of technology stocks in the United States. The Nasdaq index fell by 2% and the S&P 500 fell by 1.2%. US 10-year bond yields fell to 4.88%. Fears of recession in the US have increased.
On October 27, the BTC/USDt pair fell by 0.76% to $33,892. During the U.S. session, the price declined to $33,390 amid falling stock indices. Since the end of July, the S&P500 index has fallen 10.2% to 4137. This week, US Q3 GDP data beat expectations, showing the economy accelerating at the fastest pace since mid-2021. Despite US Q3 GDP and expectations of a rate hike in December, fears of a recession in the country remain. Inflation continues to worry the Federal Reserve (Fed).
The U.S. Personal Consumption Expenditures (PCE) index showed that consumer price expenditures rose at the fastest monthly pace since May. But the annual PCE fell slightly in September, renewing concerns about high interest rates.
What's in store for us next week with Bitcoin
We have a busy week ahead of us. The focus of economic data will be on employment numbers, including the ADP private sector employment report on Wednesday. And jobless claims on Thursday. And non-farm payrolls on Friday.
The market expects current monetary policy to remain in place. And despite the strong economy and tight labor market as inflation slows. But remains above the target level. In addition, the ISM Services report on business activity index in the US and China is expected. Geopolitical events also remain key drivers for traditional assets. Investors will continue to analyze the results of corporate reports.
The BTC/USDt pair is trading above $34k. According to the volume analysis, buying has noticeably decreased since Friday. This is understandable, because the price is in a sideways trend for a long time without continuing the rally. And when the price stands for a long time, the two-day flat starts to get on investors' nerves. At this time short-term speculators, working on the downside, start to get involved.
By cyclic analysis there are no changes. The growth phase should last until November 9. Conditions are still favorable for growth.
An alarm bell for buyers may be the absence of upward movement after the speech of J. Powell on Wednesday after the FOMC meeting. According to the latest data from CME Group, rates will remain in the range of 5.25-5.50 with a 99.9% probability on Nov. 1 and an 80% probability on Dec. 13.
BitRiver forecasts that the decline phase may last from November 9 to November 21. Closing the day below $32,700 is likely to be a precursor to the beginning of the correction phase. For the correction, $31,700 should be selected as a support target level. Conclusions of our experts: We are waiting for the rate decision, Powell's speech and the US labor market report. $BTC
#etf #BTC

As the end of the week is drawing close, the cryptocurrency sector has recorded significant gains over the previous days, and while many cryptocurrencies are starting to consolidate, there are others that are still a good buy in the week to come, some even at a low entry price of under $0.10 per unit.Indeed, Finbold has analyzed the crypto market to arrive at the list of five digital assets that have recently stood out with their price movements, investor interest, and development efforts, hence representing an attractive investment opportunity for the next week.Shiba Inu (SHIB)The world-famous dog meme cryptocurrency Shiba Inu (SHIB) has recently re-captured investor attention thanks to the major partnership with the American-based financial services company Robinhood, which has also announced the extension of its crypto services to the state of Nevada.On top of that, a surge in its trading volume recorded in recent days suggests a heightened interest that could be a precursor to significant price movements. As for its price, #SHIB was at press time trading at $0.000007875, which is a decline of 0.43% but still an advance of 12.58% on its weekly chart and an 8.48% gain in the past month.At the same time, the trading volume and price of FLOKI (FLOKI), the utility token of the Floki Ecosystem, has recently skyrocketed upon the news that its Decentralized Autonomous Organization (DAO) is launching the TokenFi token dedicated to the rising real-world asset (RWA) segment, before the FLOKI staking program.At the time of publication, #FLOKI was changing hands at the price of $0.0000381795, up 23.76% on the day, while accumulating a massive 104.96% gain across the previous week and an even higher 143.50% advance on its monthly chart, as per data on October 27.Pepe (PEPE)As the memecoin fever steals Bitcoin’s spot exchange-traded fund (ETF) spotlight, the frog-themed cryptocurrency Pepe (#PEPE ) has doubled its market capitalization to over $500 million in a single week, with a massive uptick in on-chain activity and trading volume, as well as surpassing 155,000 individual crypto wallets holding it.In terms of its price during the past day, Pepe has recorded an increase of 0.10%, a gain of 79.58% in the last week, as well as strengthening by 64.65% on its monthly chart, and is currently trading at $0.000001184, according to the information on October 27.WAX (WAXP)Elsewhere, #WAX (WAXP) has recently announced its company was teaming up with Amazon Prime Gaming to bring digital collectibles and other perks for the Brawlers gamers around the world, with an aim “to set new benchmarks in the integration of the gaming universe into Web3.”Presently, the price of WAX stands at $0.05725, which represents an increase of 10.34% in the last 24 hours, adding up to the 10.03% gain across the previous seven days and advancing an impressive 42% in the past month, as the most recent charts show.Cronos (CRO)Meanwhile, crypto custody provider Atato has recently confirmed the integration of its Bring-Your-Own-Chain (BYOC) network with Cronos (#CRO ) chain and XRP Ledger (XRP), with a mission to eradicate coding processes, as well as offer enhanced security, flexibility, and functional efficiency for crypto assets.As things stand, Cronos is currently changing hands at the price of $0.05887, recording a 1.3% decline in the last 24 hours but nonetheless increasing its value by 12.87% across the previous seven days, as well as growing 17.34% over the past month, as data shows.ConclusionAll things considered, the above assets have shown strength and positive developments in recent days and indicate that further increases could be in store for them in the week starting October 30. However, things in this industry can sometimes change on a whim, so doing one’s own research is important.$SHIB $FLOKI $PEPE Disclaimer:  My Content Isn't Financial Advice! Do Your Own Research And Take A Risk Before Investing In Any Project! Remember: Investing is risky and you may lose your capital!..