As of the close of the week on November 26, Bitcoin (BTC) remained near $38,000, with traders increasing their optimism about BTC prices.
Bitcoin buyers leave shorts no wiggle room
Data comes from Cointelegraph Markets Pro and trading view Bitcoin had a muted weekend, with typical volatility yet to emerge as the weekly close approaches.
#bitcoin A simple and slow weekend.
Typically volume/volatility picks up later today. pic.twitter.com/T9sXbJ2c6d
— Daan Crypto Trades (@DaanCrypto) November 26, 2023
After hitting 18-month highs in recent days, some believe the largest cryptocurrency is showing encouraging signs of continued gains.
Among them is popular trader and analyst Credible Crypto, who is hoping buyers absorb any selling volume near the local highs.
With open interest (OI) in derivatives markets remaining low and spot demand remaining stable, the stage may be set for the next move higher.
“Overall, I think the dip here may be shallower than initially expected due to the lack of OI to trigger a flush of liquids and the clear spot demand we see at these levels,” a post on X (formerly Twitter) a part of read.
“We have some potential liquidations above 38k, some potential liquidations below 37.5k, but the number of open interest here is relatively low – so unless there is a huge change in spot flows, expect a breakout in either direction There won’t be huge fluctuations.”
Credible Crypto concluded that even his previous prediction of a price return to $36,900 (a mere 2.1% drop from the current spot price) may not come to fruition.
BTC price printing key Ichimoku settings
Also confident about the near future is cryptocurrency market commentator Titan.
Related: “Enjoy Bitcoin for Under $40,000” – PlanB highlights that the average BTC price will reach $100,000 from 2024
In an analysis utilizing the Ichimoku Cloud Indicator, Titan of Crypto discovered a clean breakout of its key components in a rare event on Bitcoin’s weekly chart.
Ichimoku’s lagging span Chikou (measured 26 weeks ago) is now both above price and at the top of the cloud. Titan of Crypto concluded that with Tenkan-sen and Kijun-sen showing new uptrends, the chart looks promising to continue its upward trajectory.
“In terms of price action, look at the last two weeks of candles. Weeks suggests bulls are fighting back,” he said Summarize Part of the X review attached on November 25th.
“Momentum is strong, next target is $39,300.”
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
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