A memorable day – November 10, 2021 was a special day for cryptocurrency enthusiasts. Indeed, the price of Bitcoin marked a new all-time high at $68,991, and altcoins were also strong. However, the euphoria quickly gave way to the bear market…
Two years later, the price of Bitcoin is moving above $35,000, and speculation continues to drive the market. Yesterday, the price came back close to $38,000 before returning to $36,000. Is it time for the king of cryptocurrencies to take a break? Are we going to go back to $40,000? Here is today’s bulletin.
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Bitcoin price stagnates in 24 hours, but rises 6% in a week
Despite the bullish volatility known yesterday, the price of Bitcoin is fell back to around $36,500. In the end, BTC stagnates in 24 hours :
In one week, the BTC price shows a increase of 6%. Also, in one month, the king of cryptocurrencies is in 35% increase. THE BTC loses ground against Ethereum. Indeed, the BTC/ETH pair drop of almost 10% in 24 hours. Capital once again seems to be heading towards the leader in cryptocurrencies.
Bitcoin price surprises buyers and sellers: liquidations in the cryptocurrency market
To summarize the volatile day that the market experienced yesterday, the Bitcoin returned close to $38,000before briefly drop to $35,600. The king of cryptocurrencies has took the altcoins with himand the market recorded numerous liquidations. In total, Coinglass indicates that there have been no less than $490 million in liquidations :
it’s about the bloodiest day in terms of liquidations since August 17. There have been $270 million in liquidations on the sellers’ side, and 220 million dollars liquidated on the buyers’ side. Also, we note $170 million in liquidations only on BTC. While the SEC has still not approved a Bitcoin spot ETF, the speculation is very present in the cryptocurrency market.
Bitcoin price stuck at resistance level at $37,000
BTC shows a bullish momentum as the price continues to show momentum with ascending lows and highs. However, the course was done reject at resistance level at $37,000 :
THE institutional bias (EMA 9/EMA 18) is bullishthe course could bounce at that level. In the event of a break of the resistance, the price could head towards the next resistance present at $38,500. On the other hand, if the price blocks, it could return to the level of support at $35,000. The RSI displays a bullish momentum in the very short term, but it continues to evolve below the high marked on October 24. A shortness of breath seems to be taking shape. To confirm the divergencethe RSI will have to close below 43.
BTC has experienced both bullish and bearish volatility, and the market has seen numerous liquidations. In total, $490 million was liquidated in the cryptocurrency market. Despite everything, the price of BTC continues to be bullish according to Dow’s law. If buyers can force sellers to yield at the resistance level at $37,000, the price could reach resistance at $38,500. At the same time, the rumor of an Ethereum ETF caused the price of the prince of cryptocurrencies to explode.
Closer to Bitcoin news
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