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Could It Be Setting Up for Major Reversal?

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Bitcoin price is struggling below the $69,500 zone. BTC is showing signs of weakness and upsides might be capped near the $69,200 level.

  • Bitcoin started a fresh decline from the $70,000 zone.
  • The price is trading below $70,000 and the 100 hourly Simple moving average.
  • There is a new connecting bearish trend line forming with resistance at $68,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could struggle to recover above the $69,200 resistance zone.

Bitcoin Price Faces Hurdles

Bitcoin price failed to start a fresh increase and extended losses below the $70,500 zone. There was a move below the $70,000 and $69,200 support levels.

The price even declined below $68,000 and tested $66,800. A low was formed at $66,836 and the price is now attempting to recover. There was a move above the $67,500 resistance. The price tested the 23.6% Fib retracement level of the downward move from the $71,576 swing high to the $66,836 low.

Bitcoin price is now trading below $70,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $68,200 level. There is also a new connecting bearish trend line forming with resistance at $68,400 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $69,200 level or the 50% Fib retracement level of the downward move from the $71,576 swing high to the $66,836 low. A clear move above the $69,200 resistance might send the price higher. The next key resistance could be $70,000.

Bitcoin Price
Source: BTCUSD on TradingView.com

A close above the $70,000 resistance might initiate more gains. In the stated case, the price could rise and test the $71,200 resistance level. Any more gains might send the price toward the $72,000 resistance level.

Another Decline In BTC?

If Bitcoin fails to rise above the $69,200 resistance zone, it could start another decline. Immediate support on the downside is near the $67,400 level.

The first major support is near the $66,800 level. The next support is now near the $66,500 zone. Any more losses might send the price toward the $65,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $67,500, followed by $66,800.

Major Resistance Levels – $69,200, and $70,000.



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VanEck Expands DeFi Offerings with PYTH ETN on Euronext

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Asset manager VanEck has launched a new ETN based on PYTH, specifically for European buyers. The Pyth network, a decentralized oracle protocol, has earned praise from VanEck for its potential to transform the DeFi landscape.

This launch follows several similar crypto-focused ventures by VanEck in recent months.

VanEck Launches PYTH ETN

According to a recent press release, asset manager VanEck is listing a new exchange-traded note (ETN) based on PYTH today. The Pyth network is a decentralized oracle protocol that uses PYTH as a network token. PYTH’s value has risen slightly since this announcement, bucking a decline this month, but there has not been a substantial price jump.

This new ETN is one of several recent crypto project investments by VanEck. Earlier in October, the firm launched a $30 million venture fund aimed at crypto startups and, just last week, partnered with Kiln to offer Solana staking.

Read more: What Is a Blockchain Oracle? An Introductory Guide

PYTH Valuation
PYTH Valuation on November 5. Source: BeInCrypto

VanEck publicly stated that Pyth’s technical potential inspired its latest ETN offering. Listed on Euronext Paris and Euronext Amsterdam, the ETN is now available to investors. Although distinct from an ETF, it shares some similarities: its value is tied to PYTH, and VanEck secures the ETN’s underlying assets in cold storage.

“Smart contracts… are gaining increasing significance in the financial world… and oracle networks play a crucial role in enabling [their] real-world use. With our Pyth ETN, investors have the opportunity to participate in the development of… Pyth Network, which has the potential to become a crucial part of DeFi application infrastructure,” VanEck Europe CEO Martijn Rozemuller said.

Read more: Crypto ETN vs. Crypto ETF: What Is the Difference?

However, it remains unclear whether “underlying assets” specifically refers to PYTH tokens. The ETN’s value is derived from the MarketVector Pyth Network VWAP Close Index, which in turn tracks PYTH’s value indirectly. This layered approach to value calculation may help explain why PYTH’s price has remained relatively stable since the announcement.

The press release also notes that the ETN is available across 15 European countries under the ticker VYPT, with a total expense ratio of 1.5%. VanEck cautions twice in its statement about the “risk of extreme volatility” associated with the product.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Swift, UBS, Chainlink Pilot Simplifies Tokenized Fund Transactions

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In partnership with UBS Asset Management and Chainlink, Swift has completed a pilot program designed to streamline tokenized fund transactions through its established financial network.

Conducted as part of the Monetary Authority of Singapore’s (MAS) Project Guardian, this pilot demonstrates how financial institutions can leverage Swift’s existing infrastructure to manage off-chain cash settlements for tokenized assets.

Swift, UBS Asset Management, and Chainlink have completed a pilot for settling tokenized fund subscriptions through the Swift network. The initiative addresses inefficiencies in the $63 trillion global mutual fund market by connecting 11,500 institutions to streamline manual processes and cut costly settlement delays that hinder liquidity.

“Chainlink is enabling institutions to reuse Swift’s infrastructure to facilitate payments for digital asset transactions. I am very excited by the upcoming adoption of these off-chain payment capabilities and how they will increase the flow of capital and expand the possible user base of digital assets,” Chainlink co-founder Sergey Nazarov said.

Read more: RWA Tokenization: A Look at Security and Trust

Chainlink and Swift’s pilot bears real potential in demonstrating how financial institutions can streamline these processes in the future. It automates payment processing for tokenized investment funds without requiring a fully blockchain-based system. This approach makes transactions faster and more efficient.

The pilot builds on earlier work between UBS Asset Management and SBI Digital Markets. Their previous collaboration focused on developing a Digital Subscription and Redemption system for tokenized funds.

Using Swift’s established infrastructure, the pilot demonstrated how fund transactions could be settled efficiently by connecting traditional systems with blockchain. Upon meeting specific conditions, UBS’s tokenized investment funds automatically issued or canceled fund tokens for investors.

UBS rolled out a tokenized fund on the Ethereum blockchain on November 1. The “UBS USD Money Market Investment Fund Token,” known as “uMINT,” aims to meet growing demand for tokenized assets. Meanwhile, MAS highlighted its dedication to asset tokenization, drawing insights from 40 institutions and 15 pilot trials.

“Our collaboration with UBS Asset Management and Chainlink under MAS’ Project Guardian uses the Swift network to bridge digital assets with existing systems. This approach supports our goal of helping financial institutions securely transact across various digital asset classes and currencies,” Swift Head of Strategy Jonathan Ehrenfeld commented.

Read more: How To Invest in Real-World Crypto Assets (RWA)?

The pilot highlights the growing momentum toward integrating digital assets with mainstream financial systems, illustrating how established infrastructures like Swift’s can support the fast-evolving digital economy.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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Why FET Recovery Could Be More Than 10% in November

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Artificial Superintelligence Alliance (FET) is one of the top gainers today, registering a 10% increase within the last 24 hours. This FET recovery contradicts its performance in October, when its price decreased by 13.39%.

Following this rebound, on-chain data shows that the altcoin could be working toward wiping out those losses. Here is how.

Artificial Superintelligence Alliance Sees Buying Pressure  

Yesterday, FET’s price was $1.10. But as of this writing, the altcoin’s value has risen to $1.25. According to the 4-hour chart, FET’s price climbed this high due to rising buying pressure. 

Notably, Bull Bear Power (BBP) has jumped to the positive region after remaining in the red area since November 1. The BBP shows whether the strength of buyers is greater than that of sellers.

When the reading is negative, bears have the upper hand. Therefore, in this instance, bulls are in control. As such, the altcoin’s value could continue to climb if this remains the same. 

Read more: How to Invest in Artificial Intelligence (AI) Cryptocurrencies?

FET recovery driven by bulls
FET Bull Bear Power. Source: TradingView

The Money Flow Index (MFI) is another indicator suggesting that the FET recovery could be swift. The MFI, which measures buying and selling pressure by analyzing price and volume data, has shown a positive trend for FET. 

A rising MFI indicates increased buying pressure, which supports the likelihood of continued price growth as demand for the asset strengthens. Therefore, if bulls sustain this momentum, then the altcoin’s price might continue to rise.

FET recovery is ongoing
FET Money Flow Index. Source: TradingView

FET Price Prediction: Token to Breach Resistance

Since the IOMAP indicates that there is only one significant resistance level for FET at $1.28, where 3,590 addresses hold 616.89 million tokens, it suggests that surpassing this level could open up further upside potential. 

Notably, the IOMAP tool categorizes addresses by whether they are making a profit, breaking even, or incurring losses at the current price

This accumulation zone acts as a key psychological barrier. The volume of tokens accumulated here is notably higher than the amounts held between $1.06 and $1.25, signaling that if buyers manage to push the price beyond $1.28, FET could gain strong momentum.

Read more: Which Are the Best Altcoins To Invest in November 2024?

FET bulls to breach resistance
FET In/Out of Money Around Price. Source: IntoTheBlock

Therefore, if buying pressure continues to increase, FET could rally all the way to $1.44. However, if bulls fail to breach the resistance, the altcoin price might pull back, and FET could drop to $1.10.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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