Hello and welcome to News BTC’s Market Outlook November.
Bitcoin has rallied yet again during the trading session on Monday, reaching towards the $9600 level. At this point, we are overbought by just about any metric that you would use. However, I believe that there is such a psychological necessity for the market to test the $10,000 level, it would not surprise me at all to see this market reach that level today. Pullbacks at this point should continue to find plenty of support underneath, especially near the $9000 level.
By contrast, Bitcoin has already broken above the psychologically important ¥1 million level. Because of this, it may be a bit of a laggard when it comes to the Bitcoin market, but ultimately the upside is probably where we’re going to go, and I would expect ¥1 million to offer psychological support.
Thanks for watching, I’ll be back tomorrow.