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Trades below $60.00 amid bearish outlook

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The post Trades below $60. 00 amid bearish outlook appeared com. West Texas Intermediate (WTI) US Crude Oil prices edge higher during the Asian session on Friday and for now, seem to have snapped a four-day losing streak to an over two-week low, touched the previous day. The commodity, however, remains below the $60. 00 psychological mark, warranting some caution for bullish traders and before positioning for any meaningful positive move. From a technical perspective, the black liquid has been trending lower along a downward-sloping channel since late October. Moreover, overnight breakdown below the 100-period Simple Moving Average (SMA) on the 4-hour chart suggests that the path of least resistance for Crude Oil prices remains to the downside. Hence, any subsequent move up is more likely to attract fresh sellers near the $60. 30 region. A sustained strength beyond the latter could lift the commodity further, though it is more likely to face stiff resistance and remain capped near the trend-channel hurdle, currently pegged near the $60. 65 region. Some follow-through buying, however, might negate the near-term negative outlook and trigger a short-covering rally, which should allow Crude Oil prices to aim towards reclaiming the $61. 00 round figure. On the flip side, the $59. 00 mark could offer some support ahead of the overnight trough, around the $58. 75 region, below which Crude Oil prices could challenge the lower end of the descending channel, currently around the $58. 35 zone. A convincing break below the trend-channel could make the commodity vulnerable to slide further below the $58. 00 mark, towards the next relevant support near the $57. 40-$57. 35 region. WTI 4-hour chart WTI Oil FAQs WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity.

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Bitcoin price nears key $91K–$97K support zone

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The post Bitcoin price nears key $91K-$97K support zone appeared com. Bitcoin price is cooling after its October peak, and the market is now watching whether buyers will defend the key $91, 000-$97, 000 support zone. Summary Bitcoin is easing lower after a strong October peak, now trading near key support levels. On-chain metrics show a potential test of the $91K-$97K “profit floor,” where buyers have repeatedly stepped in this cycle. Trend remains intact, but momentum has softened. Bitcoin is trading near $102,292, down 1. 3% over the past day. The market has softened over the week, now down about 7% in seven days and roughly 16% over the past month. The price currently sits about 18% below the record high of $126,080 reached in early October. With a spot volume of about $69. 5 billion over the last 24 hours, up 14. 8% from the day before, trading activity has somewhat increased. In futures, total trading volume rose 8% to $107. 5 billion, and open interest increased 1. 4% to $69. 6 billion. When open interest rises while price slips, it usually means traders are adding positions rather than stepping away, which can extend the current trend. MVRV shows cooling momentum, not a full reversal A Nov. 6 analysis from CryptoQuant contributor Sunny Mom highlights a developing divergence in the Bitcoin’s (BTC) MVRV ratio, which tracks unrealized profit across the network. The MVRV ratio has continuously found support in the range of 1. 7 to 1. 8 during this cycle. Since early 2024, that area has served as the market’s “profit floor.” Usually, the market stabilizes after selling pressure subsides. If price and sentiment were to retest that region, it would align closely with the $91, 800-$97, 200 price area. Technical weight is added by the fact that the range also overlaps with a sizable, unfilled CME gap close to $92,000. Although prices increased earlier in the cycle, unrealized profit margins have.

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$5M bet lifts 1INCH 29% – Will bulls hold the $0.20 line?

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The post $5M bet lifts 1INCH 29% Will bulls hold the $0. 20 line? appeared com. Key Takeaways Why is 1INCH up today? The price of 1INCH rose due to team purchases, network activity, and whale orders. Will the breakout hold? The altcoin could maintain the bullish momentum only if it managed to stay above the $0. 20 level. The price action of 1inch [1INCH] rose by more than 29% since the team bought from Binance. However, at the time of writing, the gains had decreased to 17% following an immediate rejection at the level above $0. 20. The team’s buy was not the only driver of this surge; network activity also played a part. Key catalysts in the trend As per data from Arkham, the 1INCH team investment fund splashed $5 million on Binance to go long on the token. The buy was executed at $0. 15, thus pushing the price back above $0. 20, which represented an uptick of 29%. The organization has consistently made similar investments, as historical data indicates that their actions influenced the price increase from $0. 24 to $0. 53 late last year. Whether the buy volume can continue driving prices higher remains uncertain. Additionally, a spike in transaction counts in the past day fueled the altcoin’s surge. Transactions rose from 1K to 4. 8K, indicating strong network activity. All these correlated directly with price action delivery, which was to the upside. What’s needed for the price? On the charts, 1INCH price reversed from $0. 15 and broke above $0. 20, but this trajectory did not last. Despite this, the MACD maintained its bullish outlook. The Money Flow Index (MFI) traded above 82 as of writing. The two indicators suggested that buyers were dominant, although the size of the displayed bars indicated.

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