Nov 26, 2023

BTC Price Eyes $39.3K as Bitcoin Bulls Hold Firm

Bitcoin Bulls Hold Firm Into Weekly Close: BTC Price Eyes $39.3K – Best Crypto Sources
Bitcoin bulls hold firm into weekly close: BTC price eyes $39.3K

Bitcoin (BTC) remained close to $38,000 as the week closed on Nov. 26, with traders showing increased confidence in the BTC price outlook.

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Bitcoin buyers give bears no room for maneuver

Data from Cointelegraph Markets Pro and TradingView revealed that the weekend was not particularly eventful for Bitcoin, with the usual volatility yet to strike as the weekly close drew near.

After hitting fresh 18-month highs in recent days, some suggested that the biggest cryptocurrency was displaying positive signs for further upside movement.

One of them was the renowned trader and analyst Credible Crypto, who noticed buyers absorbing any sell-offs close to the local highs.

In addition to open interest (OI) on derivatives markets staying low and spot demand staying stable, the conditions could be right for the next bullish move.

“Overall I think that dips here may be even shallower than initially assumed due to the absence of OI to spark liq flushes and the noticeable spot demand we are seeing at these levels,” read a post on X (formerly Twitter).

Credible Crypto concluded that even his previous forecast of a return to $36,900 — a 2.1% decrease from the current spot price — may not be realized.

BTC price prints key Ichimoku setup

Equally confident in the near future was Titan of Crypto, a fellow market commentator.

In a detailed analysis that leveraged the Ichimoku Cloud indicator, Titan of Crypto spotted a rare event on the Bitcoin weekly chart, a clean breakout of its key components.

The lagging span, Chikou — measured 26 weeks prior — was now both above price and at the top of the Kumo Cloud. Additionally, Tenkan-sen and Kijun-sen displayed a renewed uptrend, which gave Titan of Crypto a very promising outlook for further upside.

“Pay attention to the last 2 weekly candles. Wicks indicate bulls are pushing back,” he summarized in part of his X commentary on Nov. 25.

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