In this one of the latest bitcoin magazine, you will get to know all the weekly updates regarding market. The Bitcoin futures market volumes have started to increase and in the recently completed expiry on the Bakkt Bitcoin exchange, a record number of futures contracts were marked for delivery, according to data from Arcane Research. This shows that the institutional investors are bullish on Bitcoin, hence, they are building positions in the derivatives markets.
While several reports have been bullish on the prospects of Bitcoin, JPMorgan strategists have a different view as they believe that Bitcoin is slightly overvalued compared to its intrinsic value and it could face a “modest headwind” in the short-term. Although we are also bullish on Bitcoin in the long-term.
OUR BLOG ARTICLES FOR THIS SPECIAL ISSUE ARE:
BLOCKCHAIN INSURANCE THE FUTURE – ATROMG8 NEW DEFI SOLUTION
TOP ISSUES A TENANT FACES – HOW PIF CAN HELP?
Bitcoin hit an intraday high of $14,098.92 on October 31 but the bulls could not sustain the higher levels and the closing on that day was below $14,000. This showed that bulls were struggling to sustain the price above $14,000. We had advised traders to book profit on 80% of their open position if the BTC/USD pair did not break above $14,000. Traders got many opportunities to book profits on November 1 and 2.
About 20% of the open positions could be held with a stop-loss below the 20-day EMA. Both moving averages are sloping up and the RSI is in the positive zone, which suggests that the bulls have the upper hand.
If the bulls do not give up much ground, then there will be another attempt to propel the price above $14,000. If the bulls can pull it off, the pair could start its journey to the next target objective of $16,000.
The only negative development on the chart is the bearish divergence on the RSI. This suggests that the momentum has weakened. A break below the 20-day EMA will be the first sign of weakness.
If the bears sink the price below $12,486.61, a deeper correction to the 50-day SMA is possible.
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LATEST BITCOIN MAGAZINE HIGHLIGHTS
FEATURING IN THIS WEEKS EDITION
– Atrom Network
– Rowan Energy
UNISWAP’S FIRST GOVERNANCE VOTE FAILS … DESPITE 98% SUPPORT
Uniswap’s first governance proposal has ended in defeat, with votes in favor falling a whisker short of the required threshold.
The first governance vote for decentralized exchange (DEX) Uniswap has ended in failure, despitethe proposal attracting overwhelming support of 98% of votes cast. Despite this, it fell roughly 1% short of the 40 million votes threshold needed for approval by the close of voting.
FRENCH FINANCE MINISTER THROWS SHADE AT CRYPTO, PRAISES BLOCKCHAIN
He stated that he does not “question the reliability and traceability of all blockchain technology,” but denounced crypto.
FED CHAIRMAN JEROME POWELL TALKS DIGITAL CURRENCIES AT IMF
US Federal Reserve chair Jerome Powell spoke at the annual meeting of the International Monetary Fund (IMF) today at 8am EDT, where he addressed cross-border payments and digital currencies.