btc closed the week with +13.3% increase despite of Nasdaq's falling(10/26)
Yesterday(10/25 00:00 - 24:00, UTC+0), Bitcoin price recorded its starting as $13129, its lowest as $12855, its highest as $13377 and its closing as $13038. Bitcoin reached a weekly high of $13377 in 3 hours after the start of the Sunday and then began to fall to touch the daily low of $12885 at 05:30 with a 1.5 times larger selling volume than buying volume. Since then, the trading volume declined and moved sideways to close -0.7% down.
There was no bad news caught in the moment of decline, and looking at the 4-hour chart, when Bitcoin breaks through the weekly high with less trading volume and less RSI than that of the last Wednesday, and the price often drops momentarily showing a downward divergence pattern.
Looking at the 1-minute chart at the time of the big decline, I guess it was possible to predict that it would be difficult to fall again after the low, as the buying trading volume occurred immediately after 2 minutes after the large selling 1min volume. If you always keep in mind that a large continuous selling volume of about 10 minute could make the price decline to continue further, I believe that good results will be obtained.
Over the past week, Bitcoin rose 13.3%, accompanied by 1.7 times the volume of the previous week. Considering that the Nasdaq fell -1% during the same period, Bitcoin was decoupled with Nasdaq, raising the dominance to 62.6, leading the rise of the cryptocurrency market.
The main factors may be that the trading volume has continued to rise over the past three weeks, there was a good news about PayPal on Wednesday, and the US dollar continued to decline by market's reaction of Biden's probable winning.
With one week left before the US presidential election, the main issues this week are whether the Trump approval rate will rebound, the US third-quarter gross product (GDP) announcement, the performance announcements of major tech companies(Apple, Amazon, Facebook, etc.), and the monetary policy announcement of European Central Bank(ECB). I guess you should keep an eye on how these issues will interact with the financial and cryptocurrency market