Bitcoin Faces Supply Challenges At $38K, Indicating An Inflection Point: Can BTC Price Maintain Strong Limit Bids?


21 Nov 2023 2:58 PM

Bitcoin's value has recently shifted direction due to an increase in profit-taking activity just below the $38,000 mark. This level has been a crucial...

  • Bitcoin's value has shifted due to profit-taking activity just below the $38,000 mark.
  • Continuous resistance at this mark places Bitcoin in a bearish influence.
  • The uptick in limit bids raises concerns about a short-term correction.
  • Bitcoin experienced a substantial long liquidation exceeding $2 million, indicating a bearish sentiment.
  • Selling pressure is increasing at $38,000, with a significant supply wall present.
  • Large-value transactions increased when the price approached $38,000, suggesting profit-taking by whales.
  • Bears are likely to attempt to hold the $38,000 level for a longer period.
  • Bitcoin price breaking below the trend line may result in another selloff.
  • If bulls break through the $38,000 barrier, it could signal a new upward trend.
  • The downward trend of moving averages and trade below the midline for the RSI level suggest a higher likelihood of price decline.

The sentiment in the article is mostly bearish, with mentions of profit-taking, selling pressure, correction, and potential price decline.

Go to publisher site

You May Ask

What has caused Bitcoin's value to shift recently?What is the significance of the $38,000 mark for Bitcoin?How are limit bids affecting the market sentiment?What is the role of whales in the recent price drop?What are the potential scenarios for Bitcoin's price in the near future?

Suggested Reads