Bitcoin (BTC) Price Analysis for November 1
Bulls are trying to hold the initiative, however, there are some exceptions, according to CoinStats.
BTC/USD
The price of Bitcoin (BTC) has declined by 0.16% since yesterday.
On the hourly chart, the rate of BTC is in the middle of the local channel between the support of $110,478 and the resistance of $109,370.
However, if the daily bar closes near the upper level, there is a high chance of a breakout followed by further growth to the $111,000 mark.
On the bigger time frame, neither side is dominating as the price of the main crypto is far from the key levels. In this case, sideways trading around the current prices is the more likely scenario.
From the midterm point of view, the picture is similar. The volume has declined, which means there are low chances to see sharp moves shortly.
Bitcoin is trading at $109,970 at press time.
