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BTCUSD Weekly Outlook and Bitcoin Fundamentals, 5th November 2021

BTCUSD Forecast and Fundamentals for BTC


Major online stores like Alibaba, Amazon, and other offline superstores are getting ready for the big sales coming up this month. The acceptance of digital coins will interest crypto brokers to participate in the global event because it will be an added advantage for the superstores that have provided payment options on their platforms.

BTCUSD Technical analysis

Monthly Chart

BTCUSD monthly chart - 5th Nov 2021

Monthly Resistance Levels: 61780, 67017

Monthly Support Levels: 29806, 43290, 52620

The October candle closed with a new record for the BTCUSD pair by making a new high for the bitcoin price. Indian brokers may experience another bullish run in the new month if the momentum is maintained. The previous resistance zones may want to repel the bullish run, but if the zone should give way, we may see the buying pressure continue to a higher level.

However, a confirmed rejection around the resistance zones will probably bring a retracement of price on the monthly chart. The cryptocurrency value may drop to a lower value, like 43290.

 Weekly Chart

BTCUSD weekly chart - 5th Nov 2021

Weekly Resistance Levels: 67015, 70001

Weekly Support Levels:  39571, 56426, 469001


On the weekly time frame, you can see that the weekly candles have been closing on a Doji candlestick, which shows indecision in the cryptocurrency market. At this point, the bullish momentum may have been exhausted since the buildup started from the support level of 39571 some weeks back. If the price should drop lower, we may see it reach the 469001 level.

On the other side, if the Indian brokers with long positions can close above the previous high on the weekly chart, we will probably see another bullish run for a newer high towards the 70001 dollar mark. 

 Daily Chart

Daily Resistance Levels: 63060, 67015, 663730

Daily Support Levels: 414250, 51000,56426, 59401

Looking at the BTCUSD on the daily time frame, you can see that the pair is in a range after the earlier bullish surge. Some market participants think that the consolidation may turn the uptrend into a bearish trend once it keeps making lower lows and lower highs. A close lower than 51000 will expose the lower supports of 414250.

The crypto market is dynamic and we may see the buying run again, which may likely close above the ATH it just created to establish a new high in the market.

Bullish Scenario:

The bitcoin bullish scenario will continue on the daily chart once the price can establish support and close above the 67015 levels. A break above will attract Indian brokers and other investors into the digital market. 

Bearish Scenario:

The bitcoin price may drop further from the recent high of 67015 if the psychology of market makers shifts away from the long positions. The consolidation shows exhaustion from the Bulls.

Bitcoin BTC News Events

ETF drives for more adoption of Bitcoin.

The bitcoin ETF will probably drive for more adoption of the cryptocurrency, as Indian brokers and other traders celebrate the announcement by the US SEC for approving the trading of bitcoin futures exchange-traded fund (ETF) in the new week. The ETF industry has been putting pressure on the US SEC (Security and Exchange Commission) for years for the approval of trading bitcoin ETF. If the report for approval is granted, it will be an icing on the cake for Indian brokers.

ETF brings exposure to Bitcoin and other cryptocurrencies as investors and other institutions may want to ride on its price action without holding any of the digital. According to the SEC chairman (Gary Gensler), he said, ETFs are filled under the Mutual Fund rules that give investors protection.

Russia President Vladimir Putin has supported the use of cryptocurrencies as a means of payment in the country, but crypto trading has been ruled out like that of China.  Leaders of the G7 have come out with 13 guiding principles for CBDC to support policy and design deliberations within its group and beyond the G7. The countries that formed the forum consist of Canada, Japan. Italy, United Kingdom, France, Germany, and United States.

Conclusion and Projection

Psychologically, the cryptocurrency market is uncertain about the next move because of the human behavior in the market. This can be seen through the closed of the weekly candles on the chart.

Some Indian brokers think that the CBDCs are fiat currency in code and can be used for specific cases. Government benefits and leverage will address the issues of concerns in terms of money laundering terrorist financing. Cryptocurrencies will not replace fiat currencies, but it will force central banks generally to consider centrally back versions of cryptocurrency, for example, the digital Rupee in the case of India.


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