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Bitcoin Price Analysis: What's Next for BTC?

source-logo  en.coin-turk.com 17 November 2023 20:58, UTC

The price of <a href="https://en.coin-turk.com/bitcoin-shows-potential-bullish-signal-as-macd-indicator-crosses-zero-line-analyst-says/”>Bitcoin has managed to stay above $36,000 and is currently hovering around $36,500, thanks to the recent updates in the ETF filings. However, the interest in the spot markets is not at the expected level, despite the increasing volumes in futures trading. Moreover, with the ETF delays starting to occur, profit-taking is becoming dominant. So, what’s next?

Bitcoin (BTC) Price Analysis

This week, the price failed to surpass the 18-month high, and experts are talking about the possibility of testing deeper support zones. The positive sentiment in the risk markets is also turning negative due to concerns about extended and strengthened oil supply disruptions until spring.

Material Indicators mentioned in their latest market assessment that the price of BTC could drop to $35,000 and then $33,000. This expectation is supported by the weakening demand from buyers. Keith Alan, co-founder of Material Indicators, wrote that Bitcoin’s rising 21-day simple moving average (SMA) has been serving as support in recent days.

“BTC continues to struggle around the $36,500 range. There is a local support forming around the 21-day MA, which is currently around $35,700. Which side do you think will break first?”

Daan Crypto Trades also highlighted two target areas, $35,700 and $38,000, respectively. We might see an increase in volatility with the break of either of these levels.

Cryptocurrency Analysis

The direction for other cryptocurrencies will also be determined depending on the expected break in the price of Bitcoin. This will particularly affect Ethereum (ETH), which recently surpassed $2,000. Trader Gaah, known for CryptoQuant analyses, warned that a more significant correction could push the market to $30,000.

“As expected, the $37,000 area is confronting the bulls with strong resistance. As long as this situation continues, we might see a larger correction towards the bottom of the channel at $30,900.”

Credible Crypto, a well-known analyst with more optimistic predictions, reiterated the expectation of a rise. This was due to a noticeable pullback among altcoins that performed lower than Bitcoin during the day.

Bitcoin’s market dominance has reached its highest level in a week, standing at 52.82%. At the time of writing, the price is at $36,391.

Disclaimer: The information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrency assets and should conduct their own research before making any transactions.