Bitcoin Holds Steady at $38K as Analysts Predict Possible Upswing in Near Future
Summary:
Amid an anticipatory climate, Bitcoin (BTC) has remained around $38,000 as the week of Nov. 26 comes to an end. Recent peaks have hinted at a possible continuation of an upward trend, according to analysts like Credible Crypto and Titan of Crypto. Current market conditions, including low open interest and consistent spot demand, suggest the cryptocurrency could move higher. Furthermore, analysis using the Ichimoku Cloud indicator presents a bullish outlook for BTC, increasing momentum and bolstering theories of potential growth.
As we approach the conclusion of the week on Nov. 26, Bitcoin (BTC) remains stable at around $38,000, sparking a sense of positivity among BTC price speculators. As seen on TradingView’s BTC/USD 1-hour chart, Bitcoin exhibits usual stillness over the weekend as traders await the weekly close with potential volatility predicted.
New peaks were achieved for the dominant cryptocurrency in the past days, something that aroused the belief of continuity in an upward trajectory among proponents. An influential figure among these theorists is Credible Crypto, a respected trader and analyst, who noticed buyer activity swallowing any sell volumes near local peaks.
With low levels of open interest in the derivatives markets and solid demand in the spot market, the conditions appear favourable for a boost upward. Credible Crypto posted on X (formerly Twitter), saying, “I suspect that any drop in the value here might be less steep than initially thought due to the lack of open interest which can cause liquidity flushes, and the steady demand we see at this point.” He added, "Potential liquidations exist above 38k and some below 37.5k, but the overall open positions here are relatively low — so we are not expecting significant volatility to either side until our breakout happens unless spot flows drastically change.”
In his conclusion, Credible Crypto asserted that his previous prediction of BTC falling back to $36,900 — a meagre 2.1% drop from the current spot price — might not materialize.
Another proponent of the coin's potential lift is the market commentator Titan of Crypto. He utilized the Ichimoku Cloud indicator in his analysis and observed a smooth breakthrough of its key components, an unusual occurrence for the Bitcoin weekly chart. The lagging Chikou span of Ichimoku, calculated 26 weeks back, was now located above the price and at the peak of the Kumo Cloud. Alongside the renewed uptrend signified by Tenkan-sen and Kijun-sen, Titan of Crypto concluded that the outlook for the coin seemed encouraging for an ongoing increase. “Pay close attention to the price action in the last 2 weekly candles. Bulls are resisting evident by the wicks,” he partially noted on a Nov. 25 X commentary. “Momentum continues upward, $39.3k is the next target.”
The article does not act as investment advice or recommendations. Every decision involving investment or trading carries risk, and readers are urged to undertake their own research before making any choices.
Published At
11/26/2023 12:25:00 PM
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