empty
20.11.2023 02:01 PM
Bitcoin recovers above $37k: new stage of bullish trend?

After several weeks of a sustained upward movement, Bitcoin paused last week. The cryptocurrency traded within the fluctuation range of $35.5k–$38k, testing the upper and lower boundaries of the channel several times. Given the rise in BTC sales associated with profit-taking, the bulls' main target was to maintain the price within the $35.5k–$38k range.

This image is no longer relevant

Thanks to holding this mark, there was a local shift in investor sentiment, increasing cryptocurrency buying volumes. As a result, Bitcoin made an upward surge on Sunday and recovered above $37k. The consolidation above this level can be considered the first signal for a possible retest of the $38k level and further movement towards $40k in the new trading week.

Fundamental Factors

The main fundamental driver for the rise in Bitcoin quotes last week was the news of BlackRock filing an application for a spot ETF for ETH. Investors were also hopeful that the SEC would approve one of the 12 applications for a spot BTC ETF launch, but this did not happen. The regulator also postponed the consideration of Grayscale's application for an ETH futures ETF.

This image is no longer relevant

As for the fundamental macroeconomic background, it remained positive last week due to the continued downward movement in oil prices and a decrease in the inflation rate in the United States. More than 95% of investors do not believe in a Federal Reserve rate hike at the mid-December meeting, according to CME Fedwatch survey data. No publication of key economic indicators is expected this week, so another stage of growth in high-risk assets can be anticipated.

Whales are selling, shrimps are accumulating

Despite the prevailing optimism in the cryptocurrency market, there is a significant increase in the sale of BTC coins for profit-taking. Glassnode reports that the activity of "whale" transactions in the cryptocurrency market accounts for more than 30% of total volumes. Analysts note that, over the past week, large investors have sold more than 30,000 BTC.

This image is no longer relevant

At the same time, the number of wallets with balances from 1 to 100 BTC has decreased by 118 units. The number of wallets with 100+ BTC has also shown a decrease of 19 units. Meanwhile, in the last month, 1.5 million new addresses with less than 1 BTC each have appeared in the Bitcoin network. In other words, there is a gradual capital redistribution and profit-taking by large investors, increasing pressure on the BTC price but not critically so far.

BTC/USD Analysis

Bitcoin spent the weekend in relative calm, thanks to a drop in trading activity from sellers. The cryptocurrency consolidated on Saturday to make a local upward surge on Sunday and solidify above $37k. As of November 20th, BTC/USD is trading at $37.1k, with daily trading volumes around $14 billion. The Fear and Greed Index stands at 72, indicating significant demand for purchasing BTC.

This image is no longer relevant

Simultaneously, there is a trend of decreasing buyer activity in the BTC network. The MACD indicator, a lagging indicator, signals a substantial increase in bearish volumes in the cryptocurrency market. The stochastic oscillator is also forming a bearish crossover, which may indicate readiness for another stage of decline. Summing up the technical aspects, there is a divergence where Bitcoin prices are rising amid prevailing sales and weakness in those metrics.

This image is no longer relevant

The current rise in BTC is likely of an inertial nature, and the main stage of growth may already be completed. However, nominally, Bitcoin still has a chance to realize a retest of $38k as long as it holds the base of the local upward channel at $35.5k. The chances of such a retest significantly increase as the $37k level is maintained.

Conclusions

Globally, Bitcoin remains extremely overbought, and daily sales volumes are increasing. However, the positive macroeconomic background, the maintenance of key support levels, and the "greed" in the market prevent the cryptocurrency from entering the long-awaited correction. The main events of the current week will revolve around the $37k level—if maintained, the BTC price is likely to retest $38k. Also, attention will be on the $35.5k level, a breach of which would initiate a full-fledged corrective movement.

Artem Petrenko,
Especialista em análise na InstaForex
© 2007-2025
Selecionar intervalo de tempo
5
min
15
min
30
min
1
hora
4
horas
1
dia
1
s.
Ganhe com as variações das taxas das criptomoedas com a InstaForex.
Baixe o MetaTrader 4 e abra a sua primeira operação.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    PARTICIPE DO CONCURSO

Recommended Stories

Análise do BTC/USD – 2 de abril: Bitcoin também teme as tarifas de Trump

O padrão de ondas no gráfico de 4 horas do par BTC/USD está bem definido. Após completar uma tendência de alta com cinco ondas completas, o Bitcoin entrou

Chin Zhao 14:14 2025-04-02 UTC+2

Dicas de negociação para o mercado de criptomoedas em 1 de abril

O Bitcoin e o Ethereum recuaram em resposta a mais uma queda no mercado acionário dos EUA. Atualmente, ambos os criptoativos mantêm uma correlação clara com os índices de ações

Miroslaw Bawulski 18:52 2025-04-01 UTC+2

Traders fazem uma pausa antes de um evento importante

O preço do Bitcoin se estabilizou em torno de US$ 83.000, enquanto os investidores aguardam um importante anúncio do presidente dos Estados Unidos, Donald Trump, sobre tarifas, previsto para amanhã

Jakub Novak 18:00 2025-04-01 UTC+2

Recomendações de negociação para o mercado de criptomoedas em 31 de março

O Bitcoin e o Ethereum retomaram seu declínio no último fim de semana, sem apresentar crescimento significativo durante a semana passada, o que aponta para uma correção contínua no mercado

Miroslaw Bawulski 17:18 2025-03-31 UTC+2

Mercado de criptomoedas desafia traders e gera incerteza

As notícias recentes do mercado de criptomoedas desanimaram os investidores. No último fim de semana, o Bitcoin e o Ether sofreram quedas acentuadas e não conseguiram retornar à sua trajetória

Jakub Novak 17:05 2025-03-31 UTC+2

Bitcoin – Visão geral da análise técnica

A incerteza domina o mercado neste momento, e os participantes adotaram uma postura de espera. O suporte da tendência de curto prazo mensal, em 79.773, e da tendência de médio

Evangelos Poulakis 16:05 2025-03-31 UTC+2

Ethereum caiu. Bitcoin foi menos afetado

Apesar da implementação bem-sucedida da atualização de teste Pectra na nova testnet Hoodi — possivelmente o passo final antes do lançamento da atualização na rede principal do Ethereum, com foco

Jakub Novak 16:27 2025-03-28 UTC+2

Dicas de negociação para o mercado de criptomoedas em 28 de março

O Bitcoin e o Ethereum estão lutando para se manter à tona. Outra tentativa fracassada do Bitcoin de se sustentar acima dos US$ 88.000 resultou em vendas durante o pregão

Miroslaw Bawulski 16:21 2025-03-28 UTC+2

Dicas de negociação no mercado de criptomoedas em 27 de março (sessão norte-americana)

O Bitcoin não mostrou nada de interessante na primeira metade do dia. Apenas o Ethereum pôde ser negociado um pouco dentro de seu canal lateral, no qual ainda está preso

Miroslaw Bawulski 17:29 2025-03-27 UTC+2

Análise técnica do movimento intradiário de preços da criptomoeda Filecoin, quinta-feira, 27 de março de 2025.

Após romper com sucesso a linha inferior do canal em formato de Rising Wedge (cunha ascendente) no gráfico de 4 horas da criptomoeda Filecoin, e com seu movimento de preço

Arief Makmur 17:10 2025-03-27 UTC+2
Não pode falar agora?
Faça sua pergunta no chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.