Top 3 Developments That Could Impact Bitcoin Price This Week
Highlights
- Bitcoin price has crashed into a death cross pattern on the daily chart.
- The coin will react to the upcoming ADP private payrolls data on Wednesday.
- The other key Bitcoin news will be trends on BTC ETF inflows this week.
Bitcoin price trades at $107,670 today, Nov. 3, down sharply from the year-to-date high of $126,267. This crash happened as the Crypto Fear and Greed Index slipped to the fear zone. This article explores some of the top developments that may affect BTC price this week.
Bitcoin Price to React to Death Cross Pattern
One of the major developments that may impact the Bitcoin price this week is the fact that it has formed a death cross pattern. A death cross happens when the 50-day and 200-day Weighted Moving Averages (WMA) flip each other. This is a common pattern that often leads to more downside.
On the positive side, the death cross pattern has not happened on other types of moving averages, like simple, exponential, and Arnaud Legoux.
Therefore, the BTC may continue falling, potentially to the psychological point at $100,000. This is a similar prediction to that of James Wynn, the popular trader, who sees BTC and the stock market crashing.
ADP Private Jobs Numbers
The other major development that may impact the Bitcoin price is the ADP private payrolls data, which will come out on Wednesday this week.
Economists polled by Reuters and Bloomberg expect the report to show that the economy added over 24,000 jobs in October. If this happens, it will be a positive sign as the economy lost over 32,000 jobs in the previous month.
The ADP report is being watched closely because of the ongoing government shutdown that has prevented the Bureau of Labor Statistics (BLS) from publishing the official report.
This jobs report will be notable as it comes a week after the Federal Reserve decided to cut interest rates. In its statement, officials warned that the bank may not cut interest rates in December.
BTC Price to React to Bitcoin ETF Inflows
The other key Bitcoin news to watch will be the performance of its exchange-traded funds (ETF). These funds have had outflows in the last two consecutive days, losing over $1.14 billion in assets.
BlackRock’s IBIT ETF shed over $149 million, while Fidelity’s FBTC shed over $11.9 million on Friday. Altogether, Bitcoin ETFs have accumulated over $61 billion in inflows. Therefore, the Bitcoin price will likely continue falling if the outflows continue.
There will be other potential news that will affect BTC price this week. For example, the coin will react to the upcoming earnings by top companies like Robinhood, Palantir, AMD, Shopify, and Uber. Strong earnings will boost the stock and crypto markets.
The other major event will be any development on the government shutdown and the Supreme Court ruling on Donald Trump’s tariffs.
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Frequently Asked Questions (FAQs)
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