Bitcoin Tends To Bullish In November, But Pay Attention To Some Of These Potentials!

Bitcoin illustration (photo: Unsplash)

JAKARTA - Bitcoin closed October with a positive trend. For November, the Magic Financial Expert Crypto Panji Yudha said that bullish momentum throughout October has the potential to continue.

However, although data shows Bitcoin tends to be bullish in November, this week there is a series of US economic data releases that have the potential to impact crypto asset movements.

"Starting from the Federal Open Market Committee (FOMC) will hold a two-day monetary policy meeting, where the Fed is expected to maintain the benchmark interest rate at the level of 5.25-5.50 percent," Panji said in a statement received by VOI Wednesday, November 1.

In addition, the US government will also release data on labor costs from July to September and The Conference Board which will release a consumer confidence index for October.

Meanwhile, Panji also mentioned that market participants will be watching the October labor report released by the US Department of Manpower on Friday, November 3.

"Looking at this week with the release of various US economic data and currently the crypto market situation is also in a greedy or greedy zone, it can be considered to diversify portfolios, set goals and risks limits by using the Take Profit and Stop Loss features and avoiding FOMOs," he said.

Panji also revealed the importance of continuing to monitor news and market trends, as well as paying attention to the movement of Bitcoin to gain insight into potential price movements, and vigilance in managing risks in volatile crypto markets.