Daily trading volumes totaled approximately $12.4 billion dollars. Bitcoin’s outlook remains moderately positive at the moment.
The Bitcoin price remained almost unchanged over the weekend, so the cryptocurrency was able to maintain a favorable position around the .
General situation in global markets, its impact on Bitcoin price
In the US, stock futures rose as hopes continue to prevail that the Federal Reserve is ready to signal an end to monetary tightening.
Investors will await confirmation of that when several Fed officials speak this week, including two speeches by Chairman Jerome Powell
Futures on the S&P 500 rose just over 0.1%, while contracts on the tech-heavy Nasdaq 100 added about 0.2%. Futures on the Dow Jones Industrial Average fluctuated just above the flat line.
As for commodities, after top exporters Saudi Arabia and Russia confirmed over the weekend that they will continue voluntary additional production cuts. For example, more than 700,000 new wallets were opened on the BTC network on Nov. 4 alone.
The current consolidation will either lead to a further rise in Bitcoin’s price to $36,000, or a correction will begin. Bitcoin correction is possible if the sideways movement of the asset remains for a few days.
If there are no force majeure circumstances in the market, Bitcoin could continue to move towards the $35,500-$36,000 area. But the advance in Bitcoin’s value may not be as rapid as previously.
Now, at least 80% of Bitcoin addresses are in profit while the value holds at the $34,500 level. In that case, Bitcoin’s exchange rate will drop to $34,400 for a while.
