Thanksgiving weekend in the US sees Bitcoin BTC indicators down $37,598 before rallying back to $37K as bulls steadfastly hold onto their positions. Bitcoin price movement is still teetering dangerously close to its 18-month peak as a new weekly closure offers a flavor of bull momentum in the market. The biggest cryptocurrency is still holding onto its gains, and although the rate of increase has slowed compared to recent weeks, USD/BTC is still up 7% so far this month.
How May The Days Ahead For Bitcoin Pan Out?
While there is potential for some sudden volatility due to macroeconomic data printing, the network fundamentals of Bitcoin are as promising as they have ever been. According to statistics from Cointelegraph Markets Pro and TradingView, BTC price movement is currently back to the $37K level as of 20th Nov, continuing to show the challenge of regaining higher territory as support.
As a section of his most recent social media research, well-known trader Skew stated, “Considerable trade above market & towards $40K”. “This, in my opinion, will need consistent demand for current Bitcoin. Limit bids moving up and toward the current price would be a bullish indication of rising demand and prices.“
There are still hours till Wall Street is accessible, and some market players believe that range-bound activity will persist shortly. As the previous week’s candle ended, trading company Eight’s founder and CEO, Michaël Poppe, informed X subscribers, “Bitcoin is making a spectrum of construction here.” “For long entries, the support range of $33–35.5K is the most important to watch, while opposition is at $38K.” Before we return the highs, I believe we’ll sweep a little bit lower—possibly under $36K. must continue the trend.
