Bitcoin (BTC) price is overheating amid calls for a pullback to allow fresh liquidity to enter the market ahead of the next rebound targeting highs above $40,000. The bellwether cryptocurrency has over the last 24 hours lost a tiny bit of its value to trade at $34,370, although it is still up 0.4% in the last seven days, 21% in one month, and 66.6% in the last year, market data by CoinGecko shows.<\/p>\n
While optimism toward the potential greenlighting of\u00a0Bitcoin spot exchange-traded funds (ETFs)<\/span><\/a>\u00a0is still high, the hype and discussions around the matter have gone down significantly. Trading volume across most exchanges has also slumped, with BTC recording only $13 billion, down 17% in the last 24 hours.<\/p>\n <\/p>\n Meanwhile, Bitcoin ETF tickers continue to show up on the Depository Trust & Clearing Corporation (DTCC) website with the latest coming from Invesco Galaxy Bitcoin ETF with the ticker \u2018BTCO.\u2019 The first ticker belonged to BlackRock\u2019s spot Bitcoin ETF, listed under the ticker \u2018IBTC.\u2019<\/p>\n A DTCC spokesperson released a statement saying that the tickers were a \u201cStandard Practice\u201d and did not in any way point to approval by the SEC now or in the future.<\/p>\n The largest cryptocurrency is heavily oversold based on the outlook of the Relative Strength Index (RSI). After regaining the ground from highly oversold conditions in August at 18, the RSI ascended into the overbought region last week but topped out at 87.<\/p>\n <\/p>\n A gradual correction appears to be gaining momentum, with the RSI expected to enter the neutral area below 70 before the week ends. Several attempts made to clear resistance at $35,000 failed to bear fruit such that Bitcoin slipped to $33,384 at some point.<\/p>\n Crypto analysts and investor Rekt Capital agrees with the technical outlook that\u00a0Bitcoin price<\/span><\/a>\u00a0is in consolidation below resistance at $35,000. He predicts that the upcoming\u00a0Federal Open Market Committee (FOMC)<\/span><\/a>\u00a0decision on interest rates in the US could trigger a minor dive to sweep liquidly as Bitcoin retests $33,000 support.<\/p>\n Traders should consider preparing their new entry positions for that area as \u201cthe next target remains to be $36.5 \u2013 37k).\u201d<\/p>\n #Bitcoin<\/a> still consolidating beneath resistance. <\/p>\n FOMC coming up, so I wouldn’t be surprised that we’ll be taking liquidity beneath us. <\/p>\n Retest at $33K? <\/p>\n Overall, that area is a clear entry point, next target remains to be $36.5-37K. pic.twitter.com\/AjSqItFRvf<\/a><\/p>\n \u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) November 1, 2023<\/a><\/p>\n<\/blockquote>\n <\/p>\n Blockchain data analytics platform\u00a0CryptoQuant<\/span><\/a>\u00a0says that \u201cBTC is approaching the overheat zone!\u201d In other words, there is a glaring possibility of BTC retracing before the next significant increase.<\/p>\n \u201cFutures OI entered overheating territory in June \u201923, and within two months, its price plummeted. The same thing happened in Oct \u201922, when the OI was still in the overheating zone. In Nov\u201922, there was the FTX crisis, and there was a bigger futures liquidation than in Aug \u201923,\u201d CryptoQuant said via an X post. \u201cThe OI has entered the overheating zone recently.\u201d<\/p>\n The spike in geopolitical tensions due to the ongoing war between Israel and Hamas is\u00a0elevating BTC as a safe haven<\/span><\/a>\u00a0amid falling US Treasury bonds.<\/p>\n According to Mohamed El-Erian, the chief economic advisor at Allianz, a German financial services company, more and more people are \u201ctalking about Bitcoins, about equity and the \u2018safe asset\u2019 because they\u2019ve lost confidence in government bonds being the safe asset,\u201d and this is due to interest rate risk.<\/p>\n Bitcoin has since the Israel-Hamas war increased by at least 23% while the price of a 10-year Treasury note has fallen in the same period.<\/p>\n Discussions around Bitcoin becoming a safe haven asset are occurring ahead of the Federal Reserve meeting on monetary policy later today. The FOMC is expected to keep rates unchanged unchanged at a 22-year high of 5.25 to 5.5 percent.<\/p>\n <\/p>\n \u2713 Share:<\/p>\n <\/a><\/p>\n <!– <\/p>\n <\/p>\n <\/a><\/p><\/div>\n<\/p><\/div>\nBitcoin Price Shaky Above $34,000 Support<\/h2>\n
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