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Bitcoin (BTC) Price Analysis: Bulls Resume Ascent and Test 37235 – November 12, 2023

Bitcoin (BTC/USD) resumed its upward gains early in the Asian session, with the pair finding additional bids above the 36,892.78 level, representing a 38.2% retracement of the 35,103.14 to 37,999 appreciating range. Upward progress was temporarily halted around the 37,221.93 area. . which represents a 50% reduction in the depreciation range from 37,548.80 to 36,923.15. Key stops were chosen above the 34,965.04 and 37,516.08 levels during BTC/USD’s recent strongest appreciation since May 2022, upside price objectives associated with buying activity around the 19,568.52, 15,460 and 24,900 levels . Additional upside price objectives in these appreciating ranges include the 38,602, 42721 and 44481 areas. Following continued appreciation, areas of technical support and possible buying pressure include 34757, 33499, 32873, 32561, 31351 and 30837.

Large Stops were also recently elected above the 35,912.28 area, representing a 38.2% retracement of the depreciating range from the all-time high of 69,000 to 15,460. Furthermore, large Stops were triggered above the 37,362 area. maximums of the month. , an upside price objective related to historical buying pressure around the 3858 and 15460 levels. Traders are observing that the 50-bar MA (4-hourly) is bullishly indicating above the 100-bar MA (4-hourly) and above the 200 bar MA (every 4 hours). Additionally, the 50-bar SMA (hourly) is bullish, indicating above the 100-bar MM (hourly) and above the 200-bar SMA (hourly).

Price activity is closest to the 50-bar MA (4-hourly) at 35,613.79 and the 50-bar MA (Hourly) at 36,958.23.

Technical support is expected around 31238.97/30028.62/28818.26 and stops are expected below.

Technical resistance is expected around 38584.16/39596.82/42721.31 and stops are expected above.

Bitcoin Price Analysis Daily News.

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Bitcoin Hits $30,800, Pulls Back To $29,950 After Finding Resistance

Bitcoin (BTC) surprised the market with a strong move higher, reaching as high as $30,800 on some cryptocurrency exchanges. The world’s largest digital currency has found the strength to rally to these levels and recover to $29,950. Bitcoin is now finding strong resistance between $30,000 and $30,800. Breaking this level can push Bitcoin towards $32,000.
Bitcoin Hits $30,800, Its Highest Level Since Mid-April

Bitcoin continues to attract investors from around the world as the digital currency hits its highest price since mid-April 2023. This shows that there is clear interest in gaining access to the largest cryptocurrency on the market.

One of the reasons behind the latest price increase could be related to the fact that Blackrock has filed an application to offer a spot Bitcoin ETF to institutional investors. Furthermore, the halving that is expected to take place next year is already attracting users who want exposure to Bitcoin.

These are just a few of the reasons why Bitcoin has skyrocketed in recent weeks. However, let’s not forget that BTC is still 57% below its all-time high recorded in November 2021. Since then, Bitcoin has been in a downtrend that now appears to be reversing.

At the end of 2022, Bitcoin reached its lowest price in years. The digital currency dipped below $16,000 for a few days allowing investors to enter the market relatively cheaply compared to what has been going on since late 2020 until now.

However, it is not clear what could happen to Bitcoin in the future. It will be important to keep an eye on the latest developments in the industry and how regulations may affect the price of the largest virtual currency on the market.

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Bitcoin Price Rises Slowly After Bittrex News

Bitcoin price has stalled thanks to recent news about Bittrex, a popular digital exchange, and the Securities and Exchange Commission (SEC).

Bitcoin is slowing down a bit

Bitcoin has been on the rise since the beginning of the year. In 2022, the world’s number one cryptocurrency by market capitalization took one of the hardest hits it has ever taken and lost over 70% of its value after hitting a new all-time high of around $68,000 per unit the previous November. At the end of 2022, the coin dropped to the mid-range of $16,000.

Additionally, several other digital assets have decided to follow in BTC’s footsteps. This caused the entire space to crash and lose over $2 trillion in valuation in just 10-12 months.

However, this year has offered something of a turning point for bitcoin. The asset initially rose to $17,000 in the first few months, and from there it started to rise in price in the $20,000 range. It recently made headlines when it hit the $30,000 mark for the first time in about ten or 11 months (not since last June), leading many analysts to speculate that the bulls were back in town and bitcoin would reverse. forever in the coming months.

While lasting damage has yet to be done, the coin has seen its growth slow down a bit for the time being, thanks to the news surrounding Bittrex, which is the latest digital currency to fall victim to the SEC, as our latest article suggests. The agency says the exchange has broken financial and securities rules for years and has taken steps to avoid following the rules since it first came to fruition in 2014.

To be fair, it’s hard to know if these suggestions are real or not, as the SEC has been working to crack down on every cryptocurrency company out there as of late. Not long ago, for example, the agency sued Kraken and settled with the exchange that forced it to waive more than $30 million in fines. She also had to stop all her stake services.

Withdraw from all companies

The SEC didn’t stop there. He also recently posted a warning from Wells to Coinbase, stating that while the company has yet to be charged, it was being watched and could face charges in the near future. The funny thing is, Coinbase claims to have regularly met with SEC officials over the past nine years to ensure it has always remained in compliance.

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Hedge Fund Holdings Cannot Support Bitcoin Price

The price of Bitcoin is in danger of falling as investors are funding short positions in Bitcoin by borrowing digital money from exchanges. Datamish shows that investors are underfunding, causing the value of Bitcoin to plummet.

Bitcoin fell again on Friday despite an increase in capital inflows from major investors and portfolio institutions. Brevan Howard Asset Management LLP and Tudor Investment Corp have improved their bitcoin holdings by adding more cryptocurrencies to their portfolios.

Related Reading | Bitcoin outflows surge as 30k BTC leaves exchanges, stock plummets

Rising geopolitical tension and the escalating Russia-Ukraine crisis are negatively impacting investors’ risk appetite for both stocks and cryptocurrencies. This fueled a bearish narrative for the price of Bitcoin, which fell below $40,000 with no signs of falling.

Cryptocurrencies are not risk-free, and it seems that even big investors know this. As of March 11, 2022, Datamish research data showed that 1,500 Bitcoins were borrowed as short positions to fund these risks, a total debt close enough for a 3,603 BTC loan. After an increase in the financing of short positions, there were usually negative consequences, such as price declines.

Analysts have been monitoring the recent changes in the price of Bitcoin and predict that it will continue to fall. They believe there is still a significant risk of a future downturn, even after their recent rally.

The Bitcoin price rally is attributed to the first Ichimoku bearish breakout since Dec 4, 2021. Analysts believe that the Bitcoin price bottomed out in the $38,000 to $38,500 range. This is an important confirmation zone for bitcoin trading. This could signal more losses for investors who are selling assets in anticipation of an upcoming crash.

Bitcoin is trading at its lower limit | Source: Tradingview.com BTC/USD Chat
According to Reuters, the Russians have flooded the United Arab Emirates with liquidation requests.

In a bid to drown in Russia to save their fortune, company executives and financial sources told Reuters that many Russians have flooded UAE crypto firms with liquidation orders.

That’s not all they want to do. Some of these investors are looking for real estate in the United Arab Emirates. While others plan to convert it to fiat currency and stash their money elsewhere, the sources said.

Related Reading | Bitcoin Exchange Withdrawals Suggest Whales Are Piling Up

The Swiss financial industry is currently in chaos. In fact, brokers have requested the withdrawal of billions of dollars worth of Bitcoin. The request came from his clients concerned that Switzerland might freeze all funds. A representative claims to have received orders of up to 2,000 million dollars.

The United Arab Emirates has been neutral ground for the Russians and Belarusians who have come to Dubai with their money to avoid being left out during any wars that might ensue. There have even been talks about people bringing crypto here because they know they will always be safe no matter which side wins.

According to sources in the United Arab Emirates, many Russians buy real estate with cryptocurrencies. They are using digital forms of money both ways – bringing their funds into Dubai and taking them out of other regions.

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Bitcoin hits $ 60,000 for first time since April after news of impending ETF approval

Bitcoin crossed the $ 60,000 mark for the first time since April 2021. The price was determined by reports suggesting that a Bitcoin futures ETF is expected to start trading in the United States next week.

Data from Cointelegraph Markets Pro indicates that Bitcoin prices have slowly risen since the start of this month. Before the bullish price action began, prices hovered around $ 42,000 from September 20 to October 1. The $ 60,000 mark was first crossed in Bitstamp’s wallet just after 5 a.m. (UTC) and Bitcoin is just 7% away from recovering its April 14 high of $ 64,804 .

Bloomberg reported today that sources familiar with the matter have issued positive indications that the Securities and Exchange Commission will likely approve a series of Bitcoin futures ETFs to start trading next week.

Rumors of the impending approval have seen a price increase of around $ 7,000 over the past 7 days, which equates to a 13% increase from $ 53,000 to $ 60,000. The strongest rise was seen over the past two days, during which Bitcoin rose from around $ 54,000 to our limit of $ 60,000.