Bitcoin cannot close the day above $38,000, so we need to be well-prepared for the next period. A quick surge is expected in a potential rise scenario, but care must be taken in future transactions. On the other hand, Bitcoin does not paint a hopeful picture for altcoins in the case of a decrease scenario. New investors need to be cautious. The latest Status is going very well!

‣ Bitcoin (BTC) The BTC/USD pair is trading at $37,711 with a 0.44% drop as of the article’s writing. Resistance levels for BTC are in the range of $38,400 – $39,300, support levels are in the range of $37,000 – $36,400.

‣ Ethereum (ETH) The ETH/USDT pair is trading at $2,031 with a 0.10% increase as of the writing of the article. Resistance levels for ETH are in the range of $2,090 – $2,130, support levels are in the range of $2,000 – $1,967.

‣ Ocean (OCEAN) The SOL/USD pair is trading at $0.447 with a 4.93% increase as of the article’s writing. Resistance levels for OCEAN are in the range of $0.465 – $0.495, support levels are in the range of $0.425 – $0.385.

‣ Origin Protocol (OGN) The OGN/USD pair is trading at $0.131 with a 2.76% increase as of the article’s writing. Resistance levels for OGN are in the range of $0.135 – $0.139, support levels are in the range of $0.129 – $0.125.

‣ ApeCoin (APE) The APE/USD pair is trading at $1.62 with a 2.92% increase as of the article’s writing. Resistance levels for APE are in the range of $1.66 – $1.75, support levels are in the range of $1.58 – $1.53.

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Yesterday’s Bitcoin‘ price movements caused major declines in altcoins. With the increase of Bitcoin’s price, a positive atmosphere for altcoins may emerge more clearly in the coming days. Furthermore, the Fed interest rate decision to be announced today will be important in showing which direction the market will move more clearly.

You might like: Another Bitcoin ETF Added to DTCC Website!

The Latest Status in Bitcoin and Cryptocurrencies! (November 1)

‣ Bitcoin (BTC) BTC/USD parity is trading at $34,518 with a 0.48% decrease at the time of writing. Besides, resistance levels for BTC are in the $36,000 – $39,800 range, while support levels are in the $31,000 – $30,200 range.

‣ Ethereum (ETH) ETH/USDT parity is trading at $1,807 with a 0.48% decrease at the time of writing. Besides, resistance levels for ETH are in the $1,885 – $1,960 range, while support levels are in the $1,815 – $1,789 range.

‣ Threshold (T) T/USD parity is trading at $0.024 with a 7.21% increase at the time of writing. Besides, resistance levels for T are in the $0.026 – $0.029 range, while support levels are in the $0.021 – $0.019 range.

‣ Avax (AVAX) AVAX/USD pair is trading at $11.10 with a 1.96% decrease at the time of writing. Besides, resistance levels for AVAX are in the $11.75 – $13.30 range, while support levels are in the $10.55–$9.79 range.

‣ Atom (ATOM) ATOM/USD pair is trading at $7.67 with a 3.27% decrease at the time of writing. Besides, resistance levels for ATOM are in the $8.22 – $8.60 range, while support levels are in the $7.36–$7.11 range.

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McGlone suggests that Bitcoin might also experience a downturn by the year’s end, viewing $30,000 as the critical resistance level for Bitcoin. Analysts believe that, in the event of a possible pullback, BTC could drop back to $10,000.

Cryptos Might Be Leaning Into Recession – The biggest risk for #cryptos may be the pressure of an ebbing tide should the #stockmarket have a typical drawdown for a #recession.@BBGintelligence pic.twitter.com/Fxyzf3GEN5

— Mike McGlone (@mikemcglone11) October 2, 2023

According to the Bloomberg analyst, the biggest threat to the crypto market could be the pressure caused by a possible decline in the stock market. McGlone believes that the low volume trades seen in the third quarter indicate either an upward explosion or stagnation. He suggests the next step may be downwards, expecting a decrease in risk appetite in 2023.

According to the analyst, given signals of weakness in US and European economies and deflationary effects of China’s real estate crisis, it is no surprise monetary tightening by central banks.

According to McGlone, the risk of recession for developed countries is still on the table. He believes that the US could technically enter a recession in the last quarter of the year. He predicts that this situation could negatively impact stock markets and the sales could reflect on the crypto market. McGlone thinks that Bitcoin could lose 60% of its current value, falling back to around $10,000.

According to the above analysis, the course of the cryptocurrency market could largely depend on developments in the stock market. As McGlone points out, a decrease in risk appetite is expected in the upcoming period, which may increase the possibility of losses in crypto assets. Particularly, signals in US and European economies suggests the approach of economic difficulties. In this scenario, there might be a possibility of Bitcoin going into a decline, falling back to levels around $10,000.

The Latest Situation in Bitcoin

Bitcoin began the week with a drop, currently starting to move laterally in the range of $27,500 – $28,000, after finding support at levels of $27,200 yesterday. For a more detailed Bitcoin analysis, click here.

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The post What’s the situation of Bitcoin according to a Bloomberg analyst? appeared first on Coin Engineer.