Bitcoin Struggles to Surpass $38,000; Analysis of Altcoin Market Trends
Summary:
After several days of stabilization, Bitcoin has struggled to surpass the $38,000 mark, suggesting hesitancy among investors to buy at higher levels. Some analysts predict a potential dip to $30,000 in the near future but don't foresee it igniting a bear market. Altcoins have also seen some pullback, but applications for an Ether ETF from Fidelity and BlackRock indicate strong demand for selected altcoins. The article provides an analysis of potential short-term patterns of Bitcoin, Solana, Chainlink, Near Protocol, and Theta Network.
For several consecutive days, Bitcoin (BTC) has maintained a value above $35,000, though attempts to surpass the $38,000 mark have repeatedly failed. Such static behaviour indicates a reluctance from investors to purchase Bitcoin at a higher rate. Furthermore, in a recent discussion with Bloomberg, BitGo CEO Mike Belshe predicted that requests for Bitcoin ETF approval are likely to endure another round of refusals before finally obtaining approval.
Several market experts foresee a near future drop in Bitcoin's value, potentially sliding as low as $30,000, although they don't anticipate this dip sparking a bear market. According to Philip Swift, creator of Look Into Bitcoin, as yet there seems to be no indication of a buying frenzy, suggesting the Bitcoin bull run is still in the early stages.
As Bitcoin's momentum slows, various alternative cryptocurrencies have also experienced withdrawal, though a few appear poised for a recovery. Recent filings from Fidelity and BlackRock for an Ether ETF spot indicate a pressing demand for certain altcoin investments.
Analysts are asking if Bitcoin will sustain its $35,000 value in the coming days, and whether altcoins are set to continue their upward trajectory. The top five likely rising cryptocurrencies will be examined for short-term patterns.
Bitcoin has faced formidable resistance around the $38,000 mark. However, an optimistic sign is the bull's persistence in averting any substantial decrease in price below the 20-day exponential moving average ($35,666). Bitcoin may take a few more attempts before finally breaching the $38,000 barrier. If it's successful, Bitcoin might ascend to $40,000. This new high will likely witness some aggressive bearish selling. However, if the bulls hurdle this, Bitcoin is expected to achieve $48,000.
As for Solana (SOL), despite slipping below their breakout level of $59 on November 16, the bearish investors didn't cash in on this opportunity, denoting an absence of selling activity at lower levels. If bulls can effectively urge the price back above $59, it would suggest that the market is dismissing the lower levels.
With Chainlink (LINK), buyers are finding a consistent range of support at the 20-day EMA ($13.42), indicating that lower prices still encourage purchasing.
As for Near Protocol (NEAR), overcoming the daunting resistance of $1.72 on November 17, signals a shift in its short-term trajectory.
Lastly, Theta Network (THETA) signals that bullish sentiment is still sound, with its support originating from the 20-day EMA ($0.88).
Published At
11/19/2023 7:45:01 PM
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