Bitcoin remained steady at around $38,000 as the week came to a close on November 26, bolstering the confidence of traders in the cryptocurrency’s price prospects.
Throughout the weekend, Bitcoin displayed its characteristic stability, with notable price fluctuations yet to materialize.
In recent days, Bitcoin had reached new heights not seen in 18 months, signaling positive indications for a potential upward trajectory.
Prominent trader and analyst Credible Crypto was among those who observed buyers effectively absorbing any selling pressure near the local price peaks.
With open interest in derivative markets staying relatively low and consistent demand for Bitcoin in the spot market, conditions appeared ripe for a potential upward movement.
Credible Crypto noted the potential for shallow dips in Bitcoin’s price due to the lack of open interest capable of triggering liquidation events, coupled with the evident demand at these price levels.
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Credible Crypto even suggested that his earlier prediction of a return to $36,900, a mere 2.1% drop from the current spot price, might not materialize as anticipated.
Another market analyst, Titan of Crypto, expressed optimism about Bitcoin’s immediate future. Using the Ichimoku Cloud indicator, Titan of Crypto identified a notable breakout in its key components, a rare occurrence in Bitcoin’s weekly chart.
The lagging span of Ichimoku, known as Chikou, which measures data from 26 weeks prior, was positioned above the price and at the top of the Kumo Cloud.
Furthermore, both Tenkan-sen and Kijun-sen exhibited a renewed uptrend, painting a highly promising picture for Bitcoin’s potential upward trajectory, according to Titan of Crypto.
Commenting on the price action, Titan of Crypto pointed out that recent weekly candles indicated resistance from bullish forces, as evidenced by the candle wicks pushing back against potential downward movement.
Overall, Bitcoin’s stability around the $38,000 mark, coupled with positive sentiment from prominent traders and analysts, suggested that the cryptocurrency market was poised for potential upward movement in the near future.
However, the actual direction of Bitcoin’s price remained dependent on factors such as market demand and open interest in derivative markets.
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