Bitcoin (BTC) bulls maintained pressure on 18-month highs on Nov. 24 as analysts saw a spike in buyer interest.
Bitcoin seeks new 18-month high
Data comes from Cointelegraph Markets Pro and trading view Showing BTC price trajectory rising at the open on Wall Street.
The largest cryptocurrency has been gaining momentum during the Asian trading session, despite its roots in derivatives markets.
Following the incident, popular trader Skew confirmed that the latest $38,000 charge was likely caused by one entity.
“Some buyer (possibly a single buyer) is trying to push the market higher here ~ there is a clear correlation between spot and perpetual CVD/Delta,” he wrote in his latest post on X (formerly Twitter) .
Bitcoin USD renew
It looks like there are some direction buyers on Binance again – they are bidding on spot and opening long positionsBybit perpetrator short sellers continue to be hunted
Market CVD and Delta
Some buyers (probably a single buyer) are trying to push the market higher here ~ clear correlation… pic.twitter.com/5KaODZC7Hv— Skew Δ (@52kskew) November 24, 2023
Skew later revealed that BTC long positions had been liquidated, with higher highs (HH) being required on the shorter time frames as momentum weakened – beyond the current $38,000 cap. At the time of writing this article, this work is ongoing.
Bitcoin USD
It looks like Binance bulls have already liquidated their positions, so they may just be designing liquidity to meet some demandsLTFCVD
So the first thing here is that CVD is higher relative to price so there is some momentum behind this move but it remains to be seen if there isn’t another HHSecondly, click… pic.twitter.com/regcjdj2tw
— Skew Δ (@52kskew) November 24, 2023
After narrowing the range, others remain optimistic that the resistance will eventually fall. For Michaël van de Poppe, founder and CEO of trading firm MN Trading, it’s all about the $40,000 mark.
“Bitcoin is still doing well so far,” he said Tell There are X subscribers that day.
“A slow climb up to new resistance points, with a break above $38,000 immediately suggesting the next level of resistance will be $40,000.”
Meanwhile, popular trader Daan Crypto trades describe $38,000 is the bottom line, after which “easy mode” will return to Bitcoin trading. The corresponding level for Ethereum (ETH) is $2,150, he added.
About $40,000?
Some market participants believe that Bitcoin price will see a new retracement after breaking through the area near $40,000 for the first time.
RELATED: Bitcoin Hits $1M After ETF Approval?Bitcoin Price Predictions Vary Hugely
This includes popular trader Crypto Tony, who said that day that even $39,000 could be a short-term turning point.
Bitcoin USD / Dollar – renew
My plans have not changed, please bet us to $39,000 – $40,000 and then give up pic.twitter.com/AJkLRmD4U5
— CryptoTony (@CryptoTony__) November 24, 2023
$39,000, meanwhile, For a number of reasons, including the overall profitability of those buying BTC during the 2021 bull run.
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.
Svlook
