On November 4, cryptocurrency prices showed mixed performance as investors prepared for two major upcoming events: the U.S. presidential elections and a speculated interest rate cut by the Federal Fund Rate set by the Federal Reserve. These events are expected to dominate the future course of cryptocurrency prices for those digital assets. Traditional tokens such as Bitcoin, Ethereum, and Dogecoin were on the rise, while Binance, Cardano, and Shiba Inu tokens were down to 3%.
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Table of Contents
Market Overview: The Current Landscape
As of 12:00 pm IST on November 4, Bitcoin was valued at $69,014, increasing by 0.84%, while Ethereum rose by 0.9% to $2,472. Despite these gains for Bitcoin and Ethereum, the overall cryptocurrency market experienced a decline of 1.68%, totaling approximately $2.25 trillion, reflecting investor uncertainty ahead of upcoming events that may impact prices. Additionally, the trading volume of stablecoins reached $65.12 billion, accounting for 93.44% of the market’s total volume in the past 24 hours, according to CoinMarketCap.
Who Knows Everything About Market Sentiment?
Vikram Subburaj, the CEO of Giottus Crypto Platform, said, “Bitcoin is facing resistance near $69,000 after a high volatility breakout.” He added, “We have higher anticipated volatility this week due to the U.S. presidential elections and the Federal Open Market Committee meeting. We might even clock a rally above $72,000 if Trump eventually emerges as the winner of the polls. On the downside, which is still rather healthy, the support is found at $66,000.”
Edul Patel, Mudrex CEO, remarked, “The less time there is before an event, the more cautious traders become.” Bitcoin, currently hovering around $69,000, sank by 4% over the weekend. Technical charts indicate building momentum, but investor reactions to the election results will be pivotal in determining BTC’s next move. Resistance levels are at $70,900, and support lies at $67,400.
Cryptocurrency Prices Snapshot:
| Coin | Price (₹) | 24h Change (%) | Market Cap (₹ Billion) | Volume (24h) (₹ Billion) |
| Bitcoin (BTC) | 5,795,852 | +0.67% | 1,363 | 33.44 |
| Ethereum (ETH) | 207,851 | +0.87% | 497 | 19.8 |
| Tether (USDT) | 84 | -0.03% | 6,797 | 30.5 |
| BNB (BNB) | 47,079 | -0.66% | 92 | 1.12 |
| Solana (SOL) | 13,630 | -0.82% | 52 | 2.5 |
These numbers illustrate that the top-tier cryptocurrency prices are in a mixed state in the current market. Some of the assets are still appreciated, while others are depreciating due to the general market decline.
Factors Impacting the Market
- U.S. Presidential Election: The result of the U.S. election is predicted to impact cryptocurrency prices, especially in the global financial markets. If the outcome results in policies favourable to risk assets like crypto, cryptocurrency prices may surge. Conversely, uncertainty or regulatory pressure may exert a downward force on cryptocurrency prices.
- Federal Reserve’s Rate Decision: The possibility of a rate cut by the Federal Reserve is another significant factor for cryptocurrency prices. An interest rate increase is typically seen as negative for riskier assets, like cryptocurrencies, as it reduces market liquidity.
- Investor Sentiment: Investor behaviour, which includes traders seeking short-term gains during volatile periods, can be observed in Bitcoin’s recent pullback from its all-time high of $73,777. This behaviour influences cryptocurrency prices as a whole.
Technical Analysis: BTC and Market Movement
The ZebPay Trade Desk provided technical analysis and observed that Bitcoin’s correction from an all-time high had some traders securing profits. For a brief period, it fluctuated around $68,000, but analysts believe that support in the $65,000 to $68,000 range remains strong. Breaking past $70,000 is critical to reviving the bullish trend, potentially benefiting cryptocurrency prices of various altcoins.
Key Levels for Bitcoin:
- Support 1: $66,500
- Support 2: $62,000
- Resistance 1: $70,000
- Resistance 2: $73,777
BTC’s current challenge to maintain a weekly close above $70,000 is a significant marker. A breakthrough at this level could signal potential upward momentum in cryptocurrency prices.
Top Gainers and Losers
Top Gainers:
- KuCoin (KCS): +1.50%
- Toncoin (TON): +1.40%
- Wrapped stETH (WSTETH): +1.03%
- Binance-Peg WETH: +0.91%
- Lido Staked Ether (STETH): +0.89%
Top Losers:
- Cardano (ADA): -2.1%
- Shiba Inu (SHIB): -3.0%
- Chainlink (LINK): -1.8%
Conclusion
Cryptocurrency prices are at a pivotal moment as major macroeconomic and political events unfold. The U.S. election and the Federal Reserve’s rate cut prospects are expected to influence cryptocurrency prices, especially for Bitcoin and altcoins, significantly. Despite cautious optimism from experts, high volatility is anticipated, and tracking market indicators will be essential for strategic navigation.
References: Data sourced from CoinMarketCap, insights from Giottus Crypto Platform and Mudrex, and technical analysis from ZebPay Trade Desk.
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FAQs
Q1: Why is Bitcoin facing resistance at $69,000?
A: The $69,000 level has become both a psychological and technical resistance due to profit-taking and cautious trading ahead of key events like the U.S. election and Fed rate decision, impacting cryptocurrency prices.
Q2: What effect will the U.S. election have on crypto prices?
A: The U.S. election’s impact on cryptocurrency prices will depend on policies of the elected administration, which could influence investor confidence and regulatory approaches.
Q3: What does the Fed’s rate cut mean for Bitcoin?
A: A rate cut typically signals more liquidity, which may drive funds into risk assets, seen as positive for cryptocurrency prices.
Q4: Are there signs that altcoins will rally soon?
A: A sustained break above $70,000 by Bitcoin could lead to a rise in cryptocurrency prices for altcoins, as investors might look for undervalued opportunities.
Q5: Should new investors enter the market now?
A: New investors should be cautious due to current volatility and its impact on cryptocurrency prices. Professional advice and thorough research are highly recommended.
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