Bitcoin’s price is at $47,934.51 and its market share is 40.75 percent, down 0.30 percent from yesterday. BTC has recently struggled to maintain its gains over $50k, a crucial psychological resistance level. However, the flagship currency is seen pulling back to where it is now trading, and if the bears re-enter the market, it might continue to fall.
Bulls were unable to push the price above the $50,000 to $50,500 overhead resistance zone, as BTC price action failed to continue upward above $49,000 and began a new downturn. It also broke through the $48000 barrier. If the price rises sharply above $49,000, it will very certainly test the resistance levels of $52,000, $54,000, and $56,000.
However, if the market continues to trend south, the Bitcoin price might fall around $45,000, the nearest support level.
The signal line on the Relative Strength Index (14) continues to move above the 50-levels and is currently at 56.41, indicating a bullish trend at the time of the outcome.
Bitcoin to “go nuts” in November!
Willy Woo, a well-known on-chain analyst, believes Bitcoin will ‘go nuts’ in the coming months as long-term investors continue to accumulate the top cryptocurrency. According to him,
“The run-up was $10,000 to $60,000 starting from October last year. We’re moving into a peak, and we will be at the peak by next month. The structure of the market is like, “This thing is going to go nuts”.
According to Woo, the current bull market will not end result in a huge rise. He claims that this is the first time we’ve witnessed a new cycle from 2020 onwards. When you examine on-chain, you’ll notice an entirely new structure that you’ve never seen before.
Overall, Bitcoin continues to show no indications of reversing its recent trends. Bulls must defend the $46,000 level in the near term. Although where it goes next is likely to be determined by where it closes outside the $51,000 to $47,000 price range.