Bitcoin has reached previous all time highs at $73.7k on October 30, and has experienced 6 consecutive red days in a row starting on Oct. 31. This has been a recurring theme with a selloff to start the month, and this selloff is likely caused by Bitcoin derivatives that are rolled over each month. In Uptober Bitcoin had a very bullish monthly candle close above the bull flag resistance level so I think we will see some continued upside. For now we have an eventful week ahead, and I would wait for BTC to form a successful rebound. So far $67.5k has been the monthly lows for November.
Bitcoin is trying to rebound, but has failed several times over the past few days and rolled over to form lower lows. Today BTC has dropped below $67k with a wick down to $66.8k. I think there is a bullish rebound forming here, we’ll see if this rebound is successful. Historically BTC experiences several weeks of upside after US election day. I think we are likely to see new all time highs within the next few weeks.
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