Bitcoin Price Gains Momentum as Traders Expect Strong November

02 Nov 2021 · 3rd Party Analysis

Vector of hand hodling Bitcoin coin over a candlechart background. Bitcoin Price Gains Momentum as Traders Expect Strong November

WRITTEN BY ThorFX

In Summary:

  • Bitcoin price hovers around $62,000 early Tuesday as traders focus on the month ahead
  • Crypto circles expect to see a strong period of gains during November

What’s Trading in the Markets?

Bitcoin, the original cryptocurrency, is attempting to resume the upside swing early Tuesday. After the orange coin turned lower on the first trading day of the month, today, bitcoin is looking healthier. In more detail, the price of bitcoin hit a session high of $61,800, or a daily gain of about 3%.

Still, the price of the leading token retreated moderately and is currently trading at $61,600 per coin. Moreover, the strong buying momentum that defined October’s trading is expected to continue into November.

That said, while it would be difficult to match October’s 40% gain, traders expect to see fresh records this month. More precisely, crypto markets are looking to top the current all-time high of $67,000 due to the accelerating pace of mainstream adoption. In addition, the fast-developing market is expanding every month.

On that note, crypto proponents say November will be marked by strong growth in the digital asset space. Presently, about 200 million people in the world hold cryptocurrency.

Dive Deeper in the Financial World

In the meantime, stocks and pairs have been relatively steady in the early hours of Tuesday’s market session. While European bourses are hitting their stride, US stock futures float fairly in the red. After a record run on Monday, stocks in the old continent opened to the downside. In addition, futures contracts tied to the major averages declined with Dow futures down about 30 points.

In forex trading, the US dollar is seen to slightly depreciate against a stronger Japanese yen. Also, the EUR/USD pair is pushing higher today, while the British sterling is falling.

What to Expect in the Markets?

Looking ahead into the week, Tesla stock is poised to continue its wild swings. With that in mind, shares in the carmaker hit an all-time high on Monday. More precisely, Tesla stock closed at a fresh record of $1,208 apiece after a 9% jump lifted the stock price. As a result, traders and investors will now watch how the stock performs during the regular session. In pre-market trading, however, Tesla stock is up about 1%.

On Wednesday, market participants will move their focus to the keenly watched Federal Reserve press conference. In other words, Fed Chairman Jerome Powell will discuss the central bank’s plans around dealing with inflation and interest rates. Furthermore, he is expected to present the Fed’s timeline about reducing easy-money policies that have supported the economy.

Economic News Today (EST time)

Today, traders will keep an eye on the upcoming employment change data in New Zealand. The report is set to arrive at 05:45 pm. Later, Reserve Bank of New Zealand Governor Adrian Orr will hold a press conference at 06:00 pm. Heightened volatility in the New Zealand dollar could be observed today.

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