Bitcoin bulls hold firm into weekly close: BTC price eyes $39.3K
Bitcoin's (BTC) recent price action is prompting several prominent market participants to anticipate further upward movement in BTC price. Despite regulatory actions against Binance and a surge in Ethereum network activity, Bitcoin has displayed resilience, briefly spiking above the $38,000 mark. The bullish momentum suggests ongoing interest from buyers, with the BTC price reaching 18-month highs on November 24. Analysts note that a single entity likely drove the latest charge beyond $38,000. Popular trader Skew observed a clear correlation between spot and perpetual contract cumulative volume delta, indicating a single buyer's efforts to push the market higher. The trader subsequently reported the closure of a long BTC position, emphasizing the need for a higher high on lower timeframes to surpass the $38,000 ceiling. While some anticipate a retracement following an initial move into the $40,000 range, others, such as trader Michaël van de Poppe, remain optimistic about Bitcoin's prospects. He emphasized the significance of reaching $40,000 after a slow grind upwards, suggesting it could be the next resistance point. Amid these expectations, Bitcoin hodlers are being advised to enjoy the chance to add to their holdings below $40,000. PlanB, the creator of the stock-to-flow family of BTC price models, hinted on social media that current levels may not last long. PlanB believes Bitcoin is in its "pre-bull market" phase, anticipating further price growth beyond recent 18-month highs. The optimistic outlook aligns with growing predictions of six-figure price targets for Bitcoin in the next cycle. Despite varying opinions on short-term movements, the overall sentiment among market participants indicates a positive outlook for Bitcoin's price continuation.
Bitcoin (BTC) held its ground near $38,000 as the weekly close approached on November 26, signaling optimism among traders. Despite setting new 18-month highs recently, the cryptocurrency showed signs of potential upside continuation.
Traders noted that Bitcoin displayed resilience, with buyers absorbing sell volumes near local highs. Open interest on derivatives markets remained low, and spot demand appeared steady, contributing to expectations of shallow dips. The lack of significant open positions suggested limited volatility until a breakout occurred or spot flows underwent a significant shift.
Market analyst Credible Crypto remarked on the potential for less significant liquidations and shallower dips due to the low open interest, adding that previous predictions of a return to $36,900 might not materialize.
Another analyst, Titan of Crypto, utilized the Ichimoku Cloud indicator to assess Bitcoin's immediate future. The analysis revealed a clean breakout of key components on the weekly chart, with Ichimoku's lagging span, Chikou, above price and at the top of the Kumo Cloud. Tenkan-sen and Kijun-sen showed a renewed uptrend. Titan of Crypto interpreted the price action as indicating bullish resistance and suggested that the next target could be $39,300.
Overall, the sentiment among traders was positive, with expectations of potential upside continuation for Bitcoin.