Technical Analysis for BTC: The coins are actively gaining capitalization with the price being supported by an upward trend, gaining acceleration. The nearest resistance target is at 37,508. Support targets are located at 32,111 (Level), followed by 30,369, and then 27,301 where buy orders are placed. The domination of BTC is gradually decreasing in comparison to altcoins. Institutional players are diversifying their portfolios with coins of lesser capacity but with a higher growth potential compared to BTC.
Quantitative Analysis: As of November 3, 2023, the BTC is significantly overbought, with a high likelihood of a pullback to the target support levels.
7-10 Days Forecast: A correction towards the target values of 32,111 or 30,369 is expected, followed by price stabilization and subsequent growth to 40k+.
Fundamental Analysis: 1) Coins such as BTC, SOL, XRP, FIL have been actively accumulated in traders' portfolios over the last 10 days. 2) Markets are now pricing in three 0.25% Federal Reserve rate cuts in 2024 — BBG. 3) The European Central Bank and the Bank of England are rolling back their high-interest rate policies. 4) Factors from points 2 and 3 are causing a shift of funds into deflationary assets, along with a renewed appetite for high-risk financial instruments.