Bitcoin on November 28 – Record capital inflow into BTC since 2021

Crazy predictions – Arthur Hayes, who runs a web 3 investment fund, believes the price of Bitcoin could reach $1 million by 2025. A price target that may seem crazy, but data shows that the price of Bitcoin could continue to climb.

Before touching the million dollars, BTC will have to separate from the resistance at $37,500 which has been holding the price for several weeks. Will buyers succeed in gaining the upper hand over sellers? Here is today’s newsletter!

This analysis of the Bitcoin price is offered to you in partnership with CryptoTrader and its algorithmic trading solution finally accessible to individuals.

The price of Bitcoin stagnates over a week

BTC fails to break the resistance at $37,500 at the moment, and sellers could benefit from it. In fact, the price of Bitcoin stagnated for a week around this level:

.bitcoin-performance-table width: 100%; border-collapse: collapse; text-align: center; .bitcoin-performance-table th, .bitcoin-performance-table td padding: 10px; border: 1px solid #ddd; .positive color: green; .negative color: red; .header background-color: #f8f8f8; .source text-align: center; margin-top: 10px;


Bitcoin Underperforms Ethereum Over the Last Month of -3.65% while the price of BTC in USD increased by 9.10%.

Bitcoin performance against different pairs. Source: Coincheckup

In one month, the course climbs 9%. Also, in three months, the course displays a 35% increase. For its part, the BTC/ETH pair climbs slightly in 24 hoursbut she drop of almost 4% in one month.

CoinShares Sees Record Capital Inflows Since 2021

For the moment, the price of Bitcoin is stuck at the level of $37,500but it remains strong since the start of the year. Despite this lateralization for several weeks, operators have been confident. In any case, this is what the latest weekly report from CoinShares. In fact, it is the ninth week in a row that CoinShares records inflows on cryptocurrencies. Also, according to James Butterfill, head of research at CoinShares, the market records highest inflows since 2021.

CoinShares' latest weekly report indicates record capital inflows, on par with those experienced in 2021 - November 28, 2023.
Latest Weekly Report from CoinShares Source: CoinShares

Not surprisingly, the report explains that the craze is most likely due to speculation around the arrival of a spot Bitcoin ETF. In total, the market records entries amounting to more than 300 million dollars on Bitcoin. The operators also seem bet on Ethereum and Solana.

Bitcoin price could fall towards support at $35,800

The level at $37,500 holds the price for the moment, buyers are unable to break this resistance For now. As long as the price moves below this level, a return to the level of support at $35,800 is possible :

Bitcoin price could reach support at $35,800 – November 28, 2023. Bitcoin price could reach support at $35,800 – November 28, 2023.
Bitcoin price against the dollar (4H)

On the other hand, if the level gives way, the price could return beyond the psychological round number of $40,000. Buyers must react quickly to avoid marking a distribution here. The RSI remains in thehesitation as long as it is located between 25 And 67. THE sellers have the advantage as long as the RSI is like this.

According to the latest report from CoinShares, operators continue to believe in the arrival of a spot Bitcoin ETF, and they are betting heavily on the king of cryptocurrencies. Indeed, CoinShares is recording the largest inflows since 2021. However, the price will have to break away from the resistance at $37,500 to return to the $40,000 level. At the same time, buyers must react to the support level at $2,000 on Ethereum price.

Bitcoin news that matters:

Do you want to delegate the trading of part of your cryptocurrencies? Through his optimized trading serviceCryptoTrader allows you to maximize your profits in a simple, diversified and fully automated way (commercial link).

Source link -95