$BTC $BTC $BTC
For BTC/USDT at a price of $76,119.99 (up by 1.71%), here's a detailed analysis:
Key Levels and Indicators
Price Action:Current Price: $76,119.9924-Hour High: $76,849.99, immediate resistance.24-Hour Low: $74,512.19, strong support level.Support and Resistance:Immediate Support: $74,512.19, which has been the daily low. If the price drops toward this level, it could find support and potentially bounce.Immediate Resistance: $76,849.99, the 24-hour high, which is a key level to break for further upside. A breakout above this price could signal continuation.Moving Averages (MA):MA(5): 1,166.45MA(10): 989.04The price is above both MA(5) and MA(10), indicating bullish momentum in the short-term. However, there is slight divergence, as the shorter MA is above the longer one, which suggests a slight upward bias in the near term.Volume:24h Vol(BTC): 41,414.3724h Vol(USDT): 3.14BA high trading volume of USDT indicates strong market interest and support for the price action, making breakouts and reversals more likely to happen.
Suggested Strategy
Bullish Scenario:If $74,512.19 holds as support and the price moves upward, a breakout above $76,849.99 would signal further upside, potentially reaching $77,500 or higher.Consider taking a long position if $76,849.99 is broken, with a target near $77,500 - $78,000.Confirm the breakout with increased volume for confirmation of continuation.Bearish Scenario:If the price fails to hold above $74,512.19 and breaks lower, the next support zone would be near $74,000 or $73,500.In this case, look for a potential short entry or wait for a rebound before entering long again.Stop-Loss Recommendations:For long positions, place a stop-loss just below $74,512.19 to minimize potential losses if the price reverses.For short positions (if taking the risk of a breakdown), place a stop-loss above $76,849.99.
This strategy utilizes key support/resistance levels, moving averages, and volume to make informed decisions while managing risk. Keep an eye on the volume for confirmation of trends.
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Bitcoin open interest tops chart after hitting $75K ‘sweet spot’
Bitcoin Open Interest reached $45.4 billion on Nov. 6 after Donald Trump won the US presidential election and Bitcoin tapped all-new highs.

Bitcoin Open Interest (OI) surged to a new all-time high as Bitcoin rallied to $75,000, and several analysts suggest there could be more upside ahead.

Bitcoin
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$74,721
OI — a metric tracking the total number of unsettled Bitcoin derivative contracts such as options and futures — reached $45.41 billion, representing a 13.29% increase since Nov. 5, when Bitcoin’s price broke through its $73,800 all-time high set in March, according to CoinGlass data.

Bitcoin Open Interest reached $45.41 billion on Nov. 6. Source: CoinGlass

OI increases when the number of new long positions opened by buyers or new short positions by sellers is more significant than the number of contracts closed on that day.

Traders don’t appear to expect Bitcoin’s price to retrace to the previous high of $73,679 anytime soon, with $1.26 billion in short positions at risk of liquidation if it does.

At the time of publication, Bitcoin is trading at $75,792, according to TradingView data, and analysts are speculating that the price is in an ideal range.

“Bitcoin is now in the sweet spot of the bull market halving cycle that should top in the $130k to $150K range next Aug/Sep. I measure cycles differently than most,” veteran trader Peter Brandt wrote in a Nov. 6 X post.

Analysts suggest Bitcoin has more room to grow
While Bitcoin’s new all-time highs often raise concerns among newer crypto investors about the asset being overvalued, not all analysts agree.

Crypto analyst Rajat Soni, for one, believes it’s still early:

“We are so early in Bitcoin’s adoption that you can still exchange pieces of paper ($, €, £, etc.) for BTC because most of the world thinks fiat currencies are backed by something tangible.”

Echoing a similar sentiment, crypto analysis firm CryptoQuant stated that Bitcoin is “not overheated” yet.

“Bitcoin’s new all-time high doesn’t mean it’s overvalued relative to its cost basis,” the firm stated in a Nov. 6 X post.
Source: CryptoQuant

The analysis firm explained that Bitcoin’s Market Value to Realized Value (MVRV) ratio “is still far from peak levels.”

The higher the MVRV, the more it signals to traders that Bitcoin may be overbought. When Bitcoin reached its all-time high of $73,679 in March, the MVRV was around 2.87, according to Bitbo data.

At the time of publication, Bitcoin’s MVRV score is 2.19.
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