Bitcoin (BTC) started the new month on a relatively calm note, especially when compared to the exciting events in the spot markets during October. After reaching above $35,000 for the first time in 17 months towards the end of October, BTC/USDT has stabilized, managing to stay above the $34,000 support line. The BTC/USDT pair gained about half a percentage point, closing the session at $34,640. However, this morning's trades erased those gains, bringing bitcoin's spot price back down to $34,460. As is typical with bitcoin, there is a potential for a sideways channel to form within a thousand-dollar range.
Binance's order book shows strong buying support at $34,000 and sell orders at $35,000. Of course, this scenario depends on no unexpected surprises in the news cycle, which is far from guaranteed.Bitcoin is displaying signs of consolidation after a bullish October, as indicated by tradingview.com. However, any unexpected hawkish signals could put pressure on risk assets, including bitcoin. In the case of Ethereum (ETH), the second-largest cryptocurrency, it continues to be highly volatile. Bulls are struggling to keep the ETH/USDT pair above the 200-day moving average trendline.
The pair bounced off this trendline yesterday, closing the session 0.3% higher at $1,814, but fell back to $1,806 this morning. Despite the fluctuations, early-week gains in Ether have contributed to a strong performance over the week, with a 1.8% increase compared to bitcoin's 1.5%. In the broader altcoin market, Solana (SOL) leads among the blue chips, gaining 23% over the past seven days. Ripple (XRP) currently holds the second position, while Binance's BNB token has experienced a decline in value. The global cryptocurrency market capitalization is currently at $1.28 trillion, with bitcoin's dominance standing at 53.83%.
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