Matrixport: Market Downtrend May Continue, But Not Enough to Signal Bitcoin's Trend Reversal

On November 4th, the renowned trader and chart analyst Peter Brandt, based on the power law model chart from the technical analysis firm JDK Analysis, indicated that Bitcoin might fall to a bottom of $60,000. According to Cointelegraph's analysis, the weekly chart of BTC confirmed a descending wedge pattern. The price previously broke below the trendline support of this pattern at $114,550. The bulls are currently making great efforts to keep the price above the 50-week Simple Moving Average (SMA), which is currently at $103,300. Other key support levels are the psychological level of $100,000 and the 100-week moving average at $82,000. If Bitcoin's weekly closing price drops below this range, Bitcoin will move towards the wedge target of $72,000, a 30% decline from the current price.

On November 4th, according to ChainInfo, a whale or institution borrowed and took a short position on 66,000 ETH, generating a profit of $23.31 million. It is now transitioning from a short to a long position to buy the dip. Just one and a half hours ago, this entity transferred $91.2 million USDC to Binance and has just withdrawn 110,000 ETH ($386 million) from Binance. In addition to this, after repaying the shorted 64,000 ETH earlier, this entity has withdrawn a total of 174,144 ETH ($621 million) from Binance in the past day.

Updated on November 4th. Based on market data, the US Dollar Index (DXY) increased to a 3-month high and is currently trading at 100.174.

On November 4th, glassnode released a market insight indicating that Bitcoin has now dipped below the 85% cost basis level (approximately $10.9k), currently trading at around $10.35k. The next significant level for it is the 75% cost basis (around $9.9k), which has historically offered support in this region.

On November 4th, according to official information, PlayAI, a programmable automation layer project in the field of AI and cryptocurrency integration, announced that its native token $PLAI will be listed on the three major exchanges KuCoin, Bitget, and MEXC next week. Previously, the mainnet of PlayAI was officially launched. After completing a $2 million community public sale, the total fundraising amount of the project has reached $6.3 million. PlayAI is positioned as a "Blockchain AI version of Zapier". Through a no-code interface, it supports users in connecting wallets, APIs, intelligent agents, and Web2/Web3 tools across networks such as EVM, Solana, Polygon, and BNB Chain, enabling the deployment and monetization of AI-driven on-chain workflows without the need to write code. During the testnet phase, PlayAI processed more than 3 million test transactions, attracted 2.25 million user registrations, created 210,000 smart wallets, reached 170,000 monthly active users, and its co

On November 4th, Arthur_0x, the founder of DeFiance Capital, tweeted, saying, "I entered the cryptocurrency field in 2017. The current situation is no different from that at the end of 2018 to 2019. It is the most severe market environment that cryptocurrency market participants have faced. Currently, survival is the name of the game."