FameEX Weekly Market Trend | November 9, 2023

1. Market Trend

From Nov. 6 to Nov. 8, the BTC price swung from $34,448.00 to $35,888.00, with a volatility of 4.18%. The prior market analysis mentioned that the BTC price had never dropped below $34,000 when stepping back to a key level. This is not a coincidence, but some kind of strength in support of this evolution. What was confirmed is that this time the market prefers absorbing chips via oscillation to pull up the price in step-up mode rather than causing a significant downturn and buying chips at lower prices to raise prices. It is worth noting the details of this change. These days BTC is still not below $34,000, with a bottom price getting higher constantly. There is a high probability that the price will break through $35,000 and above in the next few days. As to the 4H chart, the price has consolidated over half a month since October 24. As the 99-day MA (4H) rises, the need for trend change is also imminent. As mentioned before, traders who have not entered the market at a lower point can make staggered purchases between $34,200 and $34,800, and the market trend also offers such an opportunity. It is believed that many investors have entered the market to participate in the market. For the current market, technical indicators provide less reference to investors. The price continues going up with a larger synergy. To gain the maximum returns, it is advised to hold onto coins for the rise and ignore the temporary ineffective fluctuations (except for the retracement destroying the rising structure). Additionally, it is not recommended to change positions frequently.

Source: BTCUSDT | Binance Spot 

Between Nov. 6 and Nov. 8, the price of ETH/BTC fluctuated within a range of 0.05153-0.05430, showing a 2.20% fluctuation. As mentioned in the last report, a rebound signal occurred when the price reached the critical 25-day MA. However, the trading volume at the bottom has not significantly increased, indicating a hesitant signal for a price rise. The recent trend has also confirmed such suspicion. Currently, the price has started to form a new downtrend. Therefore, an uptrend may emerge later only when a significant surge occurs and multiple resistance levels are surpassed in a row during a short period. Otherwise, it is unlikely to follow the market and make a pleasant rebound in a short period. Thus it is wise to keep a distance from this currency pair for the time being.

Source: ETHBTC | Binance Spot 

Based on overall analysis, the current market will probably end the oscillation soon before starting a new-round uptrend. The trading volume and turnover for BTC increase quietly as the bottom price climbs constantly, which indicates a strong bullish sentiment. So far in this round, the trend of ETH has become the target of investors’ complaints. According to historical rules, it is only a matter of time before ETH surges. Investors holding ETH only need to hold it and wait for it to rise. In the recent market, there are also some popular projects with relatively high returns, such as ORDI, and similar projects will surely come to the fore in the future. For these popular altcoins, investors can purchase some of them based on their own funds. There is no doubt that the current market is bullish. Please keep in mind that the trend prevails so it is not advisable to be bearish.

The Bitcoin Ahr999 index of 0.70 is between the buy-the-dip level ($28,220) and the DCA level ($46,090). Therefore, it is advised to purchase popular coins via DCA.

Source: OKLink

2. Perpetual Futures

In general, the 7-day cumulative funding rates for the popular coins across major exchanges are positive, indicating that long leverages are relatively high.

Source: coinsoto

There were barely any changes in the BTC and ETH contract interest from major exchanges.

Exchange BTC Contract Open Interest:

Source: coinsoto

Exchange ETH Contract Open Interest:

Source: coinsoto

3. Industry Roundup

1) On November 6, the Bank of England announced regulations for stablecoin operators, stablecoin providers, and wallet providers.

2) On November 6, based on Coinshares, digital asset investment products had an inflow of $261 million last week.

3) On November 6, the London Stock Exchange said it is seeking a director for digital assets.

4) On November 7, Bloomberg analysts stated that the total market value of smart contracts was expected to reach $14 trillion, an increase of nearly 40 times.

5) On November 7, the Fed’s Neel Kashkari did not think the rate hike cycle was over.

6) On November 7, Coinbase stated that BSV holders are required to withdraw their BSV before January 9, 2024.

7) On November 8, the USDT market capitalization exceeded 80 billion dollars, hitting a new high.

8) On November 8, FTX negotiated with three potential buyers to relaunch the exchange.

9) On November 8, Deutsche Börse would launch a cryptocurrency exchange in 2024.

10) On November 8, Binance announced the launch of the Binance Web3 wallet.

Disclaimer: FameEX makes no representations on the accuracy or suitability of any official statements made by the exchange regarding the data in this area or any related financial advice.