Crypto market outlook for the week of 2–8 November 2026: key levels and trading scenarios
The cryptocurrency market forecast for the week of 2–8 November covers BTCUSD, ETHUSD, XRPUSD, SOLUSD, and DOGEUSD, including key levels, events, and trading scenarios. The main driver for cryptocurrencies will be the release of US labour market data, which will provide a basis for the Federal Reserve's interest rate decision. Bitcoin is trading around 77,866, while major altcoins remain under selling pressure.
Key levels for the week
| Instrument | Weekly forecast | Support | Resistance | Scenario |
|---|---|---|---|---|
| BTCUSD | −6.1% | 76,315 | 81,705 | Sellfrom76,100 |
| ETHUSD | −6.3% | 2,170 | 2,390 | Sellfrom2,150 |
| XRPUSD | 26.1% | 1.1985 | 1.3415 | Buyfrom1.3455 |
| SOLUSD | −7.4% | 92.25 | 103.60 | Sellfrom92.15 |
| DOGEUSD | −8.4% | 0.0720 | 0.0805 | Sellfrom0.0715 |
Events that can move crypto this week
| Date | Event | Instruments affected |
|---|---|---|
| Monday, 2 November 2026 | US ISM manufacturing PMI | Strong data could support the dollar and bond yields, increasing pressure on BTCUSD, ETHUSD, and other cryptocurrencies. |
| Tuesday, 3 November 2026 | US congressional midterm elections | The election results could trigger increased volatility in BTCUSD, ETHUSD, and altcoins due to uncertainty over fiscal policy and future cryptocurrency regulation. |
| Thursday, 5 November 2026 | Bank of England interest rate decision and Monetary Policy Report | Changes in sterling and the US Dollar Index could indirectly affect BTCUSD, ETHUSD, and altcoins. The regulator's inflation forecasts will be particularly important. |
| Friday, 6 November 2026 | US labour market report: Nonfarm Payrolls, unemployment rate, and average hourly earnings | The week's main macroeconomic event for the cryptocurrency market. Strong data could fuel expectations of Fed rate hikes, putting pressure on BTCUSD, ETHUSD, and altcoins. |
| Friday, 6 November 2026 | University of Michigan preliminary consumer sentiment index | Changes in consumer sentiment and inflation expectations could affect the dollar, bond yields, and demand for risky assets, including cryptocurrencies. |
Crypto market fundamentals
The cryptocurrency market enters the first week of November under selling pressure. Bitcoin has fallen below the psychological USD 80,000 mark and is trading near USD 78,000, Ethereum has declined towards USD 2,250, and most major altcoins are also posting losses. Additional pressure came from the Federal Reserve's decision to keep interest rates at 3.75–4.00%. Hawkish rhetoric from the US regulator and persistent inflation risks are limiting demand for risky assets, including cryptocurrencies.
A major negative factor was a large-scale security incident at the Binance exchange. The company reported unauthorised withdrawals of cryptoassets worth approximately 6.3 billion USD. Some of the stolen funds were frozen, and the exchange said it intended to compensate users fully for their losses. The incident heightened concerns about the security of cryptocurrency infrastructure and triggered additional volatility. Meanwhile, institutional capital outflows continue. During 26–30 October, US spot Bitcoin ETFs recorded net outflows of approximately 202 million USD, while Ethereum ETFs lost more than 431 million USD. Continued negative flows indicate caution among large investors.
In the coming week, market participants will focus primarily on US macroeconomic statistics. Releases of ISM PMI figures, JOLTS data, the ADP report, and Nonfarm Payrolls employment figures could change expectations regarding future Federal Reserve policy. Strong economic indicators could support the dollar and government bond yields, adding to pressure on BTCUSD, ETHUSD, and altcoins. The US congressional midterm elections add further uncertainty, as their outcome could affect expectations for economic policy and digital asset regulation.
Over the next few days, cryptocurrency market performance will depend on global liquidity conditions, the direction of the US dollar, institutional capital flows, and the restoration of confidence following the Binance incident. The fundamental backdrop remains predominantly negative for now, as restrictive Fed policy coincides with capital outflows from cryptocurrency ETFs. Nevertheless, signs of a weakening US labour market, lower bond yields, and renewed institutional demand could set the stage for a recovery in BTCUSD, ETHUSD, and major altcoins.
Bitcoin price forecast: BTCUSD
On the D1 chart, a resistance level has formed at 81,705, while support lies at 76,315. The overall trend remains bearish, targeting 71,485.
A breakout above the resistance level would signal a reversal to an uptrend, with a potential upside target at 84,900.
BTCUSD trading scenario
Ethereum price forecast: ETHUSD
On the ETHUSD D1 chart, a resistance level has formed at 2,390, with support at 2,170. The overall trend remains bearish, so the price is highly likely to break below the support level, targeting 2,015.
If resistance is broken, the trend will turn bullish. In this case, the price could reach 2,470.
ETHUSD trading scenario
XRP price forecast: XRPUSD
The XRPUSD daily chart shows a decline followed by a period of consolidation. On the H4 chart, a resistance level has formed at 1.3415 and support at 1.1985. The rise is highly likely to continue, targeting the D1 resistance level at 1.6965. A breakout above this mark would open the way for a continued uptrend.
The price may form a corrective wave and break below the 1.1985 support level. However, the overall trend would remain bullish.
XRPUSD trading scenario
Solana price forecast: SOLUSD
On the SOLUSD D1 chart, a resistance level has formed at 103.60, while support lies at 92.25. The overall trend remains bearish, targeting 85.35.
If the resistance level is broken, the trend will turn bullish, with a potential upside target at 112.60.
SOLUSD trading scenario
Dogecoin price forecast: DOGEUSD
On the DOGEUSD D1 chart, resistance has formed at 0.0805, with support lying at 0.0720. The overall trend remains bearish, targeting 0.0655.
If resistance is broken, the trend will turn bullish. In this case, the upside target could be 0.0910.
DOGEUSD trading scenario
Risk factors
The main risk factors for the cryptocurrency market during the week of 2–8 November remain the Federal Reserve's restrictive monetary policy, the release of US macroeconomic statistics, and uncertainty over the future path of interest rates. Strong US employment and business activity figures could strengthen the dollar and increase government bond yields, adding pressure to BTCUSD, ETHUSD, and major altcoins. The US congressional midterm elections could trigger additional volatility by changing investor expectations for economic policy and digital asset regulation.
Continuing uncertainty about the consequences of the incident could accelerate capital outflows and trigger fresh sell-offs. Unstable flows into spot Bitcoin and Ethereum ETFs remain another risk factor. Renewed sustained institutional demand could support the market, while rising outflows would increase the likelihood of further price declines.
Summary and what to watch this week
The cryptocurrency market forecast for 2–8 November suggests that predominantly bearish sentiment will persist. Sell scenarios remain the priority for BTCUSD, ETHUSD, XRPUSD, SOLUSD, and DOGEUSD if their nearest support levels are broken. Capital outflows from spot cryptocurrency ETFs and the Federal Reserve's restrictive monetary policy are limiting the market's recovery potential.
In the coming week, investors will focus primarily on US macroeconomic statistics, including ISM PMI figures, the ADP report, and Nonfarm Payrolls employment data. Strong economic figures could strengthen the dollar and US Treasury yields, putting further pressure on cryptocurrencies. The US congressional midterm elections will add uncertainty, as their outcome could affect expectations for economic policy and digital asset regulation. Institutional demand trends and daily capital flows into cryptocurrency ETFs should also be monitored.
The overall weekly outlook remains bearish. Persistently restrictive monetary conditions and negative institutional flows increase the likelihood of further declines in BTCUSD, ETHUSD, and major altcoins.
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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.