- Bitcoin price was primed to book nearly 10% on Monday.
- BTC price left traders behind with only a 2% slim gain for the day as markets remained nervous.
- Several geopolitical comments are having an impact on the markets but await a catalyst.
Bitcoin (BTC) price action had a choppy start to the week as markets were on edge in early trading on the Biden-Xi meeting. However, the meeting did not amount to much importance, and markets only saw the dollar going one way as stocks were being thrown left and right between losses and profit. Expect to see markets searching for direction on Tuesday with Bitcoin price poised to jump back to $18,000.
BTC price to use calmness to advance
Bitcoin price action currently has two elements: that calmness in the markets after the whipsaw price action of last week and the fact that price action in BTC itself is being underpinned. That level comes at $16,000, where $16,020 sees some good support for a second week. Ideally, it would be good for Bitcoin price to close above the close from Monday, which does look too hard to get done.
BTC price is set to get pumped as supportive elements are present, and the current calmness in the markets could see Bitcoin jump toward $18,000. That would mean that the red descending trend line is losing interest again. Should the calmness continue with markets getting a bit of geopolitical fatigue, even $19,036 could be in the cards for the end of November.
BTC/USD daily chart
As Zelensky alluded to in his speech on Monday after visiting Chesson, peace talks could get underway. However, the devil is in the details here. The US has been holding high-level talks with Russia already, and a clear impasse has emerged. Russia could still re-escalate the situation and still holds quite a lot of nuclear options to retaliate, which would mean that BTC price is still at risk of breaking below $16,020 and hitting $15,000 in the wake of that escalating event taking place.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.