Is Bitcoin About to Plummet Below $37K? (BTC Price Analysis)


21 Nov 2023 5:11 PM

Technical Analysis By Shayan Bitcoin's recent upward momentum has encountered resistance around the $38K mark, primarily due to prevailing selling...

  • Bitcoin's upward momentum has faced resistance around the $38K mark due to selling pressure.
  • Price action indicates a potential short-term reversal, with retracements pointing towards the $35K threshold.
  • The presence of sellers has created a range bounded by $35K support and $38K resistance.
  • Bearish divergence between price and RSI suggests a short-term decline, but a consolidation correction is more likely.
  • On the 4-hour chart, Bitcoin formed an ascending wedge pattern and a head and shoulders pattern, indicating a potential bearish reversal.
  • The movement of Bitcoin from miner wallets to exchange wallets provides insights into market activities.
  • The transfer of coins to exchanges increases liquidity and selling pressure.
  • The flow of BTC from miners to exchanges has reached its lowest level since 2017, suggesting miners may be accumulating Bitcoin and signaling bullish sentiment.

The article provides a mix of both positive and negative sentiment. It highlights resistance and selling pressure as setbacks, but also suggests potential short-term reversals and bullish market sentiment based on miner activity.

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You May Ask

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