Bitcoin News and Forecast for November 14, 2023
Date: 2023-11-14 Author: Dima Zakharov Categories: CRYPTO PAYMENTS, IN WORLD
Market Overview and Its Impact on Bitcoin Forecast
Bitcoin experienced a slight decline in the past few days as increased seller activity led to a reduction in overall trading. However, bears failed to push the cryptocurrency's value below $36,000.
Significant selling volumes from miners were recorded on Monday, signaling a phase of profit-taking. Despite this, a substantial increase in selling volume was not observed, indicating expectations of continued Bitcoin growth in the near future.
Bulls maintain their positions at $36,700, positively influencing market sentiment.
Meanwhile, the industrial Dow Jones index in the American market fell as Wall Street reacted to Moody's warning about the growing U.S. debt and lowered rating forecasts. Moody's anticipates a significant budget deficit. This is attributed to higher interest rates and the challenge of finding effective ways to reduce government spending while increasing income.
Consequently, the Dow Jones Industrial Average fell by 0.2%, the S&P 500 decreased by 0.3%, and the Nasdaq Technology Index dropped by 0.4% during trading. The yield on 10-year U.S. Treasury bonds rose to 4.67%, setting Friday's benchmark at 4.62%.
Oil prices strengthened their Friday gains, with West Texas Intermediate oil futures trading slightly above $77 per barrel. WTI is recovering from its lowest level since late July.
Bitcoin Price in the Short-Term Perspective
While Bitcoin maintains a bullish trend, investors believe there is potential for cryptocurrency growth. However, there is a possibility that the situation may change over the next few days.
The Bitcoin price may range from $36,000 to $37,500 in the short term, with no anticipated sharp fluctuations in the asset's value. Stay tuned for further updates on the dynamic cryptocurrency market.
