Weekly Bitcoin Estimates Released: Here Are the Expected Levels!

The leading crypto Bitcoin (BTC) price is showing a consolidative structure despite the Fed’s hawkish stance on November 2. Whatever the macroeconomic implications of the development, Bitcoin price continues to hover in a tight range. However, investors need to be careful because of the potential to result in a big move, according to analysts. Technical and on-chain metrics point to different perspectives.

Bitcoin price could test these levels again

BTC price has been in the middle of $20,053 to $20,910 since Oct. Moreover, it is showing signs of consolidation. With the latest development, it was placed at $ 20,225, which is Monday’s low. It was then followed by a rapid uptrend that allowed its real advance to Monday’s high of $20,838. If the bullish momentum is strong, BTC price has the potential to reverse the $20,910 snag. From here, he can use the $22,106 level as a support point for his next attack. As a result, it means a gain of 5.6 percent in total.

Although this upward movement looks nice and positive, investors need to be careful. A breakout of the $20,053 reinforcement level is expected to lower the BTC price to stabilize the situation. As a result of this happening, the price could drop as low as $19,315. Therefore, it is stated that the short-term bullish view may be invalidated if the support area at $20.053 turns against the backdrop.

The situation is not different in the long time period.

Since last week, the Bitcoin price has had a significant update. It broke from the bearish trendline as of May 28. As a result, although the movement provides an upward movement, investors in the market need to be patient. Bitcoin price needs to be waited for to move from $28,000 to $30,000 again. BTC price could produce a higher price above $21,000. Subsequently, it can continue to rise as a result of turning the spiritual level of 25 thousand dollars into a support.

According to analysts, with the realization of this situation, Bitcoin can see the resistance area of ​​​​28 thousand to 30 thousand dollars.

BTC on-chain metrics remain unclear

The most valuable metric in terms of Bitcoin price levels is the Global Money In/Out (GIOM) model. This information reveals that the immediate hurdle for BTC ranges from $26,100 to $40,000. It is stated here that there are approximately 5.36 million addresses that bought 2.65 million Bitcoins at an average price of $ 34,806. Therefore, a rally above $26,100 might lessen the upside pressure from the bulls. Subsequently, it is possible that it may lead to an increase in selling pressure. Therefore, traders need to be careful when opening a long-term case for Bitcoin at these levels.

With all this, the immediate reinforcement level stretching from $19,928 to $20,498 was looked at. In this area, there are 1.37 million addresses that buy approximately 915,270 Bitcoins at an average of $ 20,213. An increase in selling pressure could cause BTC price to return to $ 20,213 again. According to analysts, investors should pay attention to $ 17,593 due to a decrease in BTC. Afterwards, it is expected to trigger a correction to $15,500 as the bears reappear.

Cryptocurrency analyst shared his prediction for Bitcoin price

As we have reported as Koindeks.com; According to cryptocurrency analyst Jim Wyckoff, there is still room for an upside break in Bitcoin. The analyst says the following for the BTC price:

Prices continue in the horizontal range on the daily chart. The direction in which prices are “rising” from the process range will likely identify the side of the next valuable trend price move. The bulls generally have the short-term technical advantage. In this case, technical moves the rates in favor of an upside break out of the trading range.

In particular, in October, the US added 261,000 jobs, exceeding analysts’ 205,000 job cuts, while the unemployment rate reached 3.7 percent, surpassing the 3.5 percent target.

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